Marriage, divorce and millennials: money worries

You hear it all the time: financially, millennials (those between 28 and 43[1]) are doing far worse than older generations. There are so many disheartening statistics, from reports that millennials owned a mere 6.6% of wealth in the US[2], to research that almost half of all millennials being financially dependent on their parents[3] to many delaying starting families due to financial pressures alongside the current cost of living crisis.

But is all this having an impact on marriage and divorce among millennials? Unsurprisingly, yes.

First of all, marriage. Recent statistics show that the average age for marriage in the UK is now mid-to-late thirties, which includes the majority of those of us who count as millennials. Having spoken to a few people, it’s clear that money is a deciding factor where marriage is concerned.

Tom, 26, and Sarah, 28, are currently in a three-year long relationship, and have no intention of getting married. “Weddings are expensive and essentially pointless – they just don’t mean anything. I suppose the point of it is to show commitment, but it just costs so much money. I don’t think you need to get married to prove you’re committed to someone.”

While of course weddings are only the start of a marriage, they’re still needed to get things going. Small ceremonies are of course an option, but not one that seemed popular among the people we spoke to.

Becky and Pete, an exception to the rule as recently married couple in their mid-20s, told us that their wedding was paid for almost entirely by Becky’s parents. “I think parents with traditional values would save for their daughter’s wedding. The family of the bride is usually the one who pays,” said Pete. Those of us without traditional parents, however, are going to have a lot more problems with the cost of a wedding.

And, unfortunately, the other side of this is divorce. While less younger people are getting married and also divorced – rates remain high. While the fear of divorce and repeating our parents’ mistakes may be reasons a great number of us are choosing not to tie the knot, for those who do, it is not without its financial difficulties.

If a couple is lucky enough to split amicably and do not need to rack up large legal costs fighting over the petition or the finances, there is still an administrative cost of £593 when applying for a conditional order (what used to be known as a decree nisi). But even with this potentially prohibitive cost, young people want to draw a legal end to marriages that aren’t working.

Grace, 30, and her husband split up nearly a year ago, and are seeking a divorce. “It’s important to me that we get this sorted out, but I still have rent to pay and kids to feed. We’re going to have to save up for it.”

So, it seems that with money tight for millennials, entering into a marriage is something most would rather avoid, but when it’s time for a marriage to end, the financial side of things is an irritating but necessary part of the proceedings. While there is a shift towards millennials keeping finances separate even when living together but women still earning significantly less than men and ‘traditional’ caring responsibilities prevailing, expert legal advice on divorce may be more important than ever so that there is a fair outcome on the matrimonial finances.

It can be helpful to have the advice and guidance of a family law expert if you are considering marriage or divorce. Vardags has a dedicated team of highly-experienced family lawyers who are adept at providing tailor-made advice to meet your needs, as well as safeguarding and representing your interests in and out of court. We offer a free consultation with one of our experts, so please do get in touch with us to arrange a meeting.