Cost of divorce keeping Canadians in unhappy marriages longer, survey finds

A person places a ring on a glass table. (cottonbro / Pexels)

For some Canadians, the decision to end a marriage isn’t being driven solely by the state of the relationship - it’s also being shaped by the state of their finances.

A new survey from BMO suggests the rising cost of living and broader economic uncertainty are influencing when Canadians choose to separate, with many delaying the decision because they simply can’t afford the financial fallout.

The survey found that nearly two-in-five (37 per cent) divorced or separated Canadians said that the financial cost of divorce or legal separation kept them in their marriage longer that they wanted.

The same share of respondents said economic uncertainty, including concerns about job stability and inflation, influenced the timing of their divorce or separation.

According to the survey, money remains a significant source of tension within relationships. More than a quarter (28 per cent) put a pause on their divorce or legal separation, with 32 per cent citing concerns about financial costs of the process, 27 per cent stating they couldn’t afford separate households and 18 per cent citing economic uncertainty like inflation and job security.

The survey comes at a time when affordability remains one of Canadians’ top concerns. Separate polling by Ipsos has found inflation and the cost of living continue to rank among the most pressing issues facing the country.

The survey also suggests that for many Canadians, marriage is increasingly being viewed through a financial lens. Nearly half (47 per cent) of Canadians who have been married said tying the knot was a bigger financial commitment than an emotional one.

That view was particularly common among younger generations with 56 per cent of millennials and 54 per cent of generation Z respondents agreeing.

Many Canadians also said the financial realities of married life proved more demanding than expected. Nearly two-thirds (63 per cent) said marriage requires more ongoing financial planning than they anticipated, while almost half or (48 per cent) said managing finances as a couple is more challenging than navigating emotional or romantic aspects of the relationship.

The financial pressures appear to begin even before couples exchange vows. More than four in 10 respondents (44 per cent) said the financial aspects of getting married or planning a wedding were more challenging than making the commitment to their partner. Millennials were most likely to share that view with 53 per cent in agreement.

Rising living costs may also be influencing major relationship milestones. One-third (33 per cent) of Canadians said they have felt pressure to move in with a partner as a way to save money.

Now, CTVNews.ca wants to hear from you.

Have you delayed a separation or divorce because of financial consequences? Have housing costs, legal fees, supporting children, inflation or the challenge of managing two households influenced the timing of your divorce or separation?

How has your financial reality factored into your decision-making process, rather than the personal details of your relationship?

Share your story by emailing us at [e-mail] with your name, general location and phone number in case we want to follow up. Your comments may be used in a CTVNews.ca story.