Wedding costs can put a high amount of stress on a new marriage. Often newlyweds find themselves in debt just as the couple starts their new life together. This strain in finances can quickly lead to arguments and discord in the relationship.
In the U.S. weddings average between $19,223 to $32,039. Add anywhere from another 50-100% more if the wedding included custom services and products, experienced professionals, designer labels and popular event places. Below is a sample of five average costs for a wedding:
|1. Wedding Planner||$2,600 – $4,300|
|2. Wedding Dress||$875 – $1,400|
|3. Engagement Ring||$2,400 – $4,000|
|4. Photographer||$1,200 – $2,000|
|5. Bar Service||$1,800 – $3,000|
Financial pressures often increase as the new couple purchases their first home, appliances, furniture and other related items. Money is the prime reason couples argue and the number one reason they divorce. Over 70% of couples talk about money on a weekly basis, and the conversations tend to be emotionally based.
The combinations of a downturn in the economy and not having been taught how to effectively engage in financial discussions have resulted in heated and emotional arguments. A spouse may have also kept money secrets thinking that their new spouse wouldn’t find out, or it thinking that it wouldn’t really affect his/her spouse. Lying about finances is a common secret among spouses.
Now that you are considering a divorce it is time to separate emotion from money. The financial road to recovery after divorce can be difficult, especially if you do not have an agreement in writing. Memories can fade or attitudes can change with time. Get your agreement in writing by having a settlement agreement prepared. If you and your spouse can come to an agreement that you both think is fair, then you don’t have to pay thousands of dollars to fight over your assets and debt in court.
This is the time to sit down with your spouse and figure out how you are going to divide debt. Who will pay for what portion of debt? How long will it take?
It’s better to pay a little now to have an agreement prepared rather than a lot later to have a judge decide who is telling the truth. You will both sign it and it will be filed with your divorce paperwork. You can then have the agreement enforced in court at a later date, if necessary. Attorney Jim Cairns can put your agreements into writing and ensure you have a legal document to protect yourself. Don’t wait till after the divorce and realize it’s too late.
Once you have decided how you are going to handle the division of finances contact No Contest Divorce Law, LLC at 215-398-6760 or click on the words settlement agreement to learn how to get your settlement agreement started.