Til Debt Do Us Part: BMO Survey Reveals Many Canadians Are Unprepared for the Costs of Weddings and Divorces

Til Debt Do Us Part: BMO Survey Reveals Many Canadians Are Unprepared for the Costs of Weddings and Divorces

• Canadians estimate the average cost of a wedding at $19,000.
• Wedding guests expect to spend an average of $1,530 to attend the event, including costs of travel, attire, gifts and other expenses.
• Two-in-five Canadians say attending weddings of friends or family is a major source of financial stress, climbing to 49% among Millennials.
• 60% of divorced or separated Canadians say the cost of the divorce and/or separation process was more than expected and 66% made significant lifestyle changes as a result of the financial impact.

TORONTO, July 8, 2026 /CNW/ - Love may be priceless, but findings from part two of a new special report from the BMO Real Financial Progress Index reveal while many Canadians plan for the cost of a wedding, few are prepared for the financial implications of a martial breakdown.

The BMO survey finds many Canadians enter marriage without taking key financial planning steps, only to face unexpected costs and challenges later. While Canadians estimate a wedding costs nearly $19,000 on average, nearly two thirds (63%) say being married involved more financial planning than anticipated and three-in-five (60%) divorced or separated Canadians say the financial impact of ending a marriage was greater than expected.

The Cost of Walking Down the Aisle

The financial pressures tied to weddings remain significant, with cost considerations shaping expectations and experiences for both the couple and their guests:

• Something Borrowed and Something Budgeted:
  • On average, Canadians estimate a wedding would cost $19,000, including the cost of food and drinks ($4,884), the venue ($4,201), attire such as the wedding dress, suit, hair and make-up ($2,951), travel and accommodations ($2,834), decorations ($1,713), entertainment ($1,603) and photography and videography ($1,648), when applicable.
  • Nearly two thirds (63%) say being married involved more financial planning than anticipated.
• Burden Beyond the Bride and Groom:
  • 43% were stressed about the financial burden placed on loved ones, such as the bridesmaids and groomsmen, and travel expenses for wedding guests.
• Wedding Guest Stress:
  • On average, wedding guests believe they will need to spend $1,530 to attend a wedding, including the cost of travel and accommodations ($577), clothing and attire ($446), food and drinks ($381), wedding gifts ($370), and other expenses ($401), when applicable.
  • Two-in five (40%) Canadians say attending weddings of friends or family is a major source of financial stress, climbing to 49% among Millennials.

The Cost of Walking Away

While many Canadians may financially plan for a wedding, many do not plan for a divorce, where the financial impact can be unexpected, prolonged and disruptive.

• The Separation Sticker Shock:
  • The most surprising divorce or separation related expenses include legal fees (46%), setting up a new household (21%), child-related costs (14%), spousal support or alimony (13%) and therapy (8%).
  • Two thirds (66%) of divorced or separated Canadians made significant lifestyle changes due to the financial impact such as downsizing their home, changing jobs, cutting discretionary spending and/or working more hours.
• Breaking Down the Cost of Marital Breakdowns:
  • The average cost of divorce or separation reaches $4,863 - before factoring in asset losses or ongoing support payments.
  • Nearly one in five (17%) said their divorce cost $10,000 or more, including 7% saying the process exceeded $25,000.
• Finance Fuelled Friction:
  • Financial disagreements frequently add strain to the process, with nearly three-in-five (57%) divorced or separated Canadians saying financial conflict had prolonged their divorce and made it more stressful.
  • The top financial matters of disagreement during the divorce or legal separation process include child-related expenses (26%), division of assets (25%), spousal support or alimony (22%), division of debts (15%) and legal fees (12%).

"Many Canadians spend months and even years planning for a wedding, but fewer take the time to plan for the financial realities that can arise throughout a marriage and during major life changes," said Anthony (Tony) Tintinalli, Head, Specialized Sales, BMO. "Financial planning should not end at 'I do'; it's also about building resilience for unforeseen events and unexpected costs. By discussing finances openly, establishing shared goals and working with a trusted advisor, Canadians can create a plan that supports their financial wellbeing through every stage of life and helps them continue making real financial progress."

"While usually completed well before the wedding, marriage contracts can be mutually updated at any point during a relationship, and when thoughtfully prepared as part of a comprehensive estate plan, they clarify outcomes not only in the event of divorce but also upon the death of a spouse," said Carol Willes, Director, Estate Planning, BMO Private Wealth. "While often associated with the wealthy, these legally binding agreements offer practical protection for everyone and, when properly drafted, can help avoid costly and time-consuming disputes. Anyone considering marriage and looking to safeguard both their assets and their future security should consult a family law professional to understand how a marriage contract can support their long-term financial goals."

To-Dos Before Saying I Do

While over half (52%) of divorced or separated Canadians believe that having a marriage contract or prenuptial agreement would have made the divorce or separation process easier or smoother, 77% of Canadians do not have marriage contract or prenuptial agreement. Among those without a marriage contract or prenuptial agreement, two thirds (67%) did not believe it was necessary, while 10% felt uncomfortable discussing it and the same proportion did not know how to start the process (10%).

Despite the financial implications, 84% of Canadians did not meet with a financial advisor before getting married, but over half (52%) of those who are divorced or separated wish they had sought financial advice earlier.

BMO offers tips and resources to help Canadians navigate relationship milestones and make real financial progress:

• Have open conversations about money early: Understanding each other's spending habits, money values and expectations can help reduce conflict and support better informed financial decisions over time.
• Clarify how finances will be managed: Deciding which expenses will be shared, what may remain separate and how bills and savings responsibilities are divided can provide greater clarity as couples plan their financial future.
• Disclose assets, debts and credit history: Transparency around student loans, credit cards, mortgages and credit scores can help couples anticipate how financial obligations may affect future goals such as buying a home or starting a family.
• Align on long‑term goals: Discussions about priorities including housing, children, education or career changes can help ensure financial plans reflect shared expectations and reduce surprises down the road.
• Build an emergency fund: Setting aside savings to cover unexpected expenses or income disruptions can provide greater financial resilience during periods of uncertainty.
• Marriage Contracts: Discussing a prenuptial agreement with a future spouse can be challenging. For more information on what's involved, visit BMO Private Wealth's tips for understanding prenuptial agreements.
• Seek professional advice: Working with a financial professional can help couples balance near‑term costs, such as weddings, with longer‑term goals and continue making real financial progress through different life stages.

To learn more about how BMO can help Canadians make financial progress, visit www.bmo.com/main/personal.

About the BMO Real Financial Progress Index

Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.

The research detailed in this document was conducted by Ipsos in Canada from December 29, 2025 to January 27, 2026. A sample of n=2,503 adults ages 18+ in Canada were collected. Quotas and weighting were used to ensure the composition of the samples reflects that of the Canadian population according to census parameters. The surveys have a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all Canadian adults 18+ been surveyed.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of April 30, 2026. Serving clients for more than 200 years, BMO provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services across Canada, the United States, and select markets globally. BMO is innovating for business value, by deploying and integrating human, digital and artificial intelligence to personalize client experiences, augment teams, and automate its business responsibly. Driven by its purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.

SOURCE BMO Financial Group