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Debt and divorce: is too big of a ring a risk?

'Tis the season for engagement rings, according to National Jeweler Magazine. Thanksgiving, Christmas and New Year's Eve are historically popular days for men to propose to the one that they love. The magazine reported that approximately 12 percent of all engagement rings are purchased during this time period. 

With this knowledge, Emory University set out to determine whether size really does matter when it comes to the ring and the risk of divorce. According to the study based on a survey of 3,000 adult men and women, those who were reasonable but not too cheap with the ring were less likely to get divorced.

Of course, this study may be more fanciful than scientific, but is there some truth behind it?

Marriage counselor Earl Ledford noted that those who are able to afford a bigger ring often have jobs that monopolize their time, leaving less for marital bonding. The study also noted that those who have more extravagant, expensive weddings have a higher rate of divorce. Is it about the attitude toward finances?

The truth is that financial stress is a common reason for divorce. Dealing with debt is not easy, and it can strain a marriage. Divorce may allow the couples to move on personally, but it doesn't solve their debt problems.

At our law firm, we see couples who have gone through a divorce but are still left to deal with the overwhelming debt. Divorce gives you the personal fresh start, but bankruptcy can give you the financial fresh start that you may need to move into the future. We help individuals understand their debt relief options and choose a solution that fits their best interests.

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