What’s love got to do with it? How Canadians underestimate the cost of marriage

A new report from BMO found that while Canadians estimate the average wedding costs in and around $19,000, many were blindsided by how much financial planning is required during the actual marriage

Published Jul 19, 2026  •  3 minute read

Bride and groom dancing at wedding reception outside in the backyard. Getty Images

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It was Jennifer Lopez who sang that “love don’t cost a thing,” but given she’s been divorced four times and engaged six (twice to Ben Affleck), she may not be the best person to heed advice from.

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When it comes to weddings, from before the exchange of I dos to long after, smitten Canadians tend to keep their rose-tinted glasses on when it comes to the financial part of it.

A new report from BMO found that while Canadians estimate the average wedding costs around $19,000, many were blindsided by how much financial planning is required during the actual marriage.

Additionally, and perhaps more darkly, they also didn’t factor in what ending a marriage costs because, again, rose-tinted glasses.

“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,” Tony Tintinalli, head of specialized sales at BMO, said.

Walking down the aisle

As far as wedding costs go, the aforementioned $19,000 Canadians estimated included food and drinks ($4,884), the venue ($4,201), attire, hair and makeup ($2,951), travel and accommodations ($2,834), decorations ($1,713), entertainment ($1,603) and photography and videography ($1,648), according to the BMO Real Financial Progress Index.

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Ultimately, nearly two-thirds (63%) said being married involved more financial planning than they anticipated.

Additionally, it’s not just the ceremony itself but also the financial pressures brides and grooms-to-be feel for their loved ones attending.

Nearly half (43%) admitted to feeling stressed about the financial burden placed on loved ones, such as the bridesmaids and groomsmen, and travel expenses for wedding guests.
Speaking of attendees, 40% of Canadians say attending weddings of friends or family is a major source of financial stress, with 49% of millennials feeling the pinch most.

That number translates to guests who believe they will need to spend an average of $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), the report found.

Smiling now… (Getty Images) Getty Images

Walking away

Obviously no loved-up couple wants to think about separation or divorce but the reality is, they should. Just ask anyone who’s ever gone through it.

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The average cost of divorce or separation reaches $4,863 — and that’s presumably on the amicable end and before factoring in asset losses or ongoing support payments.

But given that splits are less amicable than not, financial disagreements frequently add strain to the process, with nearly more than half (57%) of divorced or separated Canadians revealing financial conflict prolonged their divorce and made things more stressful.

Nearly one in five (17%) said their divorce cost $10,000 or more, while another 7% revealed the process exceeded $25,000, with the top conflicting financial matters including child-related expenses (26%), division of assets (25%), spousal support or alimony (22%), division of debts (15%) and legal fees (12%).

The instances of divorce after long marriages has increased significantly over the years. Getty Images

The report found that 60% of divorced or separated Canadians acknowledged the cost of the divorce and/or separation process was more than they expected, noting related expenses such as legal fees (46%), setting up a new household (21%), child-related costs (14%), spousal support or alimony (13%) and therapy (8%).

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So it shouldn’t be surprising that 66% of divorced or separated Canadians were forced to make significant lifestyle changes due to the financial impact, such as downsizing their home, changing jobs, cutting discretionary spending and/or working more hours, according to the data.

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Hindsight is 20-20

While 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 respondents admitted to having nothing of the sort.

Why? Well, 67% did not believe it was necessary, 10% felt uncomfortable discussing financial matters, while another 10% admitted to not knowing how to start the process (10%).

“Financial planning should not end at ‘I do’; it’s also about building resilience for unforeseen events and unexpected costs,” Tintinalli said.

“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.”

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