The Wedding is Off

Protecting yourself from financial ruin if the wedding gets canceled

When entering into a marriage and planning a wedding, you probably don’t want to think about what would happen if, for some reason, the wedding is called off. While the idea of a canceled wedding certainly obliterates the concept of romance, it is a sobering reality that sometimes, engagements are broken, and weddings are called off. According to a new study, a staggering 20% of all engaged couples fail to make it to the altar.

While the vast majority of people who cancel a wedding are happy with their decision, in the long run, it's still costly, and can be difficult to bounce back from. The average wedding now costs $26,000, and that’s a lot of money to lose if you don’t say “I Do”. While the harsh reality may seem bleak, there are ways to garner some financial protection in the case of a canceled or even a postponed wedding.

Read the Fine Print on Wedding Contracts Carefully

Before you sign any contract, take the contract home and read it over carefully. It may be prudent to allow a lawyer to look at the contract, as well, if the cost of the wedding is exceptionally high. All wedding contracts, whether they are for the venue, the caterer, or the DJ should include information about cancelations, deposits, refunds, and the scope of services. If the contract does not include this information, it is time to look for a different vendor.

Make sure to keep copies of all contracts that you signed and create your own spreadsheet or list that spells out the policies and deposits that have been made. This type of information can be helpful if you find yourself in the unfortunate position of having to cancel your wedding.

Discuss Cancelation Policies with your Vendors

When looking to book vendors, don’t be shy about asking about cancelation policies. After all, it is for your own financial protection. Some vendors may offer full refunds, while others will only offer partial refunds in the case of canceled nuptials. There are vendors who require payment up front, while others offer payment plans. Ideally, you want to go with vendors you feel most comfortable with, but it is important to consider their cancelation policies in your decision-making process.

Make sure that any verbal policies are included in writing, as well. In the unlikely event that you have to cancel your wedding, having the policy written out in black and white will make it easier to execute on refunds if any are to be had.

Consider Purchasing Wedding-Specific Insurance

Insurance policies for weddings are offered for a variety of reasons. While the vast majority will not cover you if you simply decide to call off the wedding, the policy can save you a lot of money and offer significant financial protection if there is an unforeseen circumstance that has caused a wedding cancelation. Many policies will cover everything from sudden deployment, illness or accident, and inclement weather. A policy may also cover the cost of finding a new venue or photographer if something happens that voids the existing contract (like the photographer going out of business).

No one wants to think about what would happen if they cancel their wedding while they are wrapped up in the whirlwind of planning a romantic day, but weddings are more than simply a party. They are a massive financial investment and a wedding that gets canceled can threaten your financial well-being for years to come. For your own financial protection, it is important to consider all possible situations, even when it seems unlikely that your "I dos" will run into a roadblock.