Getting married, and divorced, is more expensive than it used to be. Here are a few financial facts:
First, weddings are not only pricier, but the bill is going to someone new! The bride’s family doesn’t usually pay anymore, the couple does. So, what are the biggest wedding expenses? Wedding planners, engagement photography, and locations for the ceremony and reception. And all those services cost 20-percent more than they used to.
Next: Alimony’s a bigger financial burden. During the recent recession, more men were laid off than women, turning a record number of women into the primary breadwinner. And when a couple divorces, the breadwinner’s on the hook for the alimony. And since women earn 78 cents for every dollar a man makes, they have to shell out a higher percentage of their income. Also more women are paying child support to their ex husbands. And don’t think having a bankruptcy or foreclosed home will help reduce the cost of alimony or support. If you no longer have a mortgage or bills to pay, the court sees that as you having more money to pay your ex.
Also, couples aren’t getting remarried because of money issues. Basically, because they don’t want to forfeit alimony, Social Security benefits, or pension payments from a previous spouse. So a lot of couples simply aren’t bothering to say, “I do” again.