A new BMO survey suggests many Canadians budget for the cost of getting married but are less prepared for the financial consequences of a divorce or separation, with many reporting higher-than-expected costs and significant lifestyle changes after a relationship ends.
The survey, released as part of BMO's Real Financial Progress Index, found Canadians estimate the average cost of a wedding at $19,000, while 60 per cent of divorced or separated respondents said the financial impact of ending a marriage was greater than they expected. Nearly two-thirds, or 63 per cent, also said being married involved more financial planning than anticipated.
The findings point to what the bank says is a gap between planning for major life events such as weddings and preparing for the longer-term financial obligations that can arise during marriage or after a relationship breaks down. The survey also found most Canadians have not taken steps such as meeting with a financial adviser before marriage or establishing a marriage contract or prenuptial agreement.
Canadians estimated the average cost of a wedding at $19,000, including approximately $4,884 for food and drinks, $4,201 for a venue, $2,951 for attire, hair and makeup, $2,834 for travel and accommodations, $1,713 for decorations, $1,648 for photography and videography, and $1,603 for entertainment, where applicable.
The survey also found the financial burden extends beyond the couple. Respondents estimated wedding guests spend an average of $1,530 to attend a wedding, including travel and accommodations, clothing, gifts, food and drinks and other related expenses. Two in five Canadians, or 40 per cent, said attending weddings of friends or family is a major source of financial stress, rising to 49 per cent among Millennials.
Among those planning weddings, 43 per cent said they were concerned about the financial burden placed on family members and friends, including members of the wedding party and guests travelling to attend.
When marriages end, respondents reported facing a range of unexpected expenses. Legal fees were identified as the biggest surprise by 46 per cent of divorced or separated Canadians, followed by the cost of setting up a new household at 21 per cent, child-related expenses at 14 per cent, spousal support or alimony at 13 per cent and therapy at eight per cent.
The average reported cost of a divorce or separation was $4,863 before accounting for asset losses or ongoing support payments. Nearly one in five respondents, or 17 per cent, said their divorce cost at least $10,000, while seven per cent said the process exceeded $25,000.
The financial effects also extended beyond legal costs. Two-thirds of divorced or separated respondents, or 66 per cent, said they made significant lifestyle changes because of the financial impact, including downsizing their home, changing jobs, reducing discretionary spending or working more hours.
The survey found financial disputes frequently complicated the separation process. Nearly three in five divorced or separated Canadians, or 57 per cent, said financial conflict prolonged their divorce and made it more stressful. The most common areas of disagreement included child-related expenses, division of assets, spousal support or alimony, division of debts and legal fees.
Anthony (Tony) Tintinalli
"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."
The survey also examined the use of marriage contracts and financial advice before marriage.
It found 77 per cent of Canadians do not have a marriage contract or prenuptial agreement. Among those without one, 67 per cent said they did not believe it was necessary, while 10 per cent said they felt uncomfortable discussing the issue and another 10 per cent said they did not know how to begin the process.
More than half of divorced or separated respondents, or 52 per cent, said having a marriage contract or prenuptial agreement would have made the divorce or separation process easier or smoother.
The survey also found 84 per cent of Canadians did not meet with a financial adviser before getting married. Among divorced or separated respondents, 52 per cent said they wished they had sought financial advice earlier.
Carol Willes, director of estate planning at BMO Private Wealth, said marriage contracts can play a broader role in financial planning.
"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."
The findings are based on research conducted by Ipsos for BMO between Dec. 29, 2025, and Jan. 27, 2026. The survey included 2,503 Canadian adults aged 18 and older and has a credibility interval of plus or minus 2.4 percentage points, 19 times out of 20, had all Canadian adults been surveyed.