Legal Benefits for Employees Help Increase Peace of Mind During Wedding Planning
Impact of economic uncertainty on weddings
The current economic landscape has profoundly impacted many aspects of daily life, including wedding planning. As couples navigate the uncertainties and challenges this economy brings, they have modified their plans accordingly.
As a legal benefit provider, LegalShield conducted a survey to find out the following:
Planning for “the big event” has changed, with one of the most significant shifts being the disappearing assumption that parents will foot the bills. Nowadays, many couples finance it by dipping into savings, taking out loans, or racking up credit card debt for wedding expenses. Recent economic worries have made this pursuit even more daunting, causing couples to reconsider trendy wedding extravaganzas.
- Is there a connection between stress levels in wedding planning and the current economy?
- How many people are hiring lawyers in their wedding planning process?
- How are couples reviewing and signing their wedding contracts?
According to our recent study, couples have had to adjust their wedding budget, postpone their honeymoon plans, change wedding locations, and incorporate DIY modifications. The study’s main findings show that:
- 93% of participants modified their weddings due to the current economy.
- 75% decreased their wedding budget, with 25% citing the economy as a cause for extreme reduction.
- 30% postponed their honeymoon due to the current economy.
- 23% changed their wedding location due to the current economy.
- 48% are doing a DIY wedding to save money this year.
- 40% are going into debt with a credit card or loan to financially back their wedding
Managing vendors in wedding planning
Many engaged couples lean on wedding planners and vendors to ensure things go smoothly when planning their event; it’s not uncommon to sign an average of seven vendor contracts, such as the venue contract, music, florist, wedding planner, photographer, and catering services.
When reviewing contracts and handling issues that may arise with vendors, lawyers can meticulously examine the terms and conditions of contracts to ensure they protect the couple’s interests and are fair and legal. This review helps identify potential pitfalls and hidden clauses that could lead to disputes or financial complications.
If a vendor cancels a contract, a lawyer can guide the employee on available legal options and represent the couple’s interests in negotiations. They can assist in getting compensation for lost funds or help find a new vendor.
The role of lawyers in wedding planning
The combination of self-funded weddings and the current economic landscape has propelled more couples to safeguard their big day by hiring a lawyer for legal support. LegalShield’s survey revealed that:
- 56% had to terminate a contract with a vendor, of which 83% hired a lawyer for assistance.
- 52% who hired a lawyer cited current economic conditions as having a “major effect” on their wedding planning.
- 72% of participants need legal support for marriage-related legal services, for example, name change, prenup, etc.
Lawyers are the new “plus one.”
Furthermore, because of having a lawyer by their side, some couples experienced more positive emotions when planning for their big day in contrast to those who didn’t have one.
Those who hired a lawyer responded with more positive emotions when asked about wedding planning/getting married in a recession, such as hopeful (47%), positive (43%), and optimistic (40%). In comparison, those who did not hire a lawyer were significantly less hopeful (29%), positive (28%), and optimistic (28%) but more frustrated (31%).
Overall, lawyers can help add peace of mind to wedding planning uncertainties.
How does LegalShield support employees with their wedding planning?
Hiring a lawyer could cost an average of $300 per hour. But for a small monthly payroll deduction, LegalShield provides document review, advice, and consultation on most common wedding-related matters, including:
- Contract reviews (e.g., vendors, lease, rental)
- Prenuptial and postnuptial agreements
- Name Change
- Home purchase or sale
- Creating a Will or trust
LegalShield contributes to employee retention and acquisition by providing benefits that help increase financial and emotional wellness. We also bring easily digestible, plug-and-play educational material that improves employees’ awareness and understanding of benefit value.
See how LegalShield helped Paula when an unsatisfactory venue refused to return the deposit for her son’s wedding. If you’d like to learn more about our legal plans, contact your LegalShield Sales Representative.
Note: This LegalShield study was conducted in March 2023. We surveyed 500 adults, 18 and older, who live in the U.S. The sample was balanced by age, among other demographic variables, according to the U.S. Census.