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The actual "wedding" has certainly gotten out of hand. I've been to weddings that have easily cost $75k just for one day. I've also been to some that probably cost less than $2k and were more fun. I don't think that someone needs to have a big wedding or any wedding at all. A legally binding contract with someone else isn't needed to show that you are committed to them.
Though, at times you may be more inclined to leave a relationship if that "contract" wasn't in place. Sometimes, there is some light at the end of dark tunnels... you know what I mean? These days people hit a rough patch and scram, when anyone in a long term relationship knows that sometimes it's the rough patches that give a great friendship/relationship/marriage context and marrow.