diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2af9a0b8de..d045874cbb 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -23,6 +23,7 @@
 - **Potential breaking change**: Fix MGA (Malagasy Ariary) to be a zero-decimal currency (changing subunit_to_unit from 5 to 1)
 - **Potential breaking change**: Remove special handling for Japanese language only
 - **Potential breaking change**: Adjust formatting rules to use i18n translations for `:format`
+- **Potential breaking change**: Not allow divide by zero
 - Updated Armenian Dram sign and HTML entity
 - Updated the Turkmen Manat symbol and HTML entity and added disambiguation symbol for TMM
 - Expose Money::VERSION
diff --git a/lib/money/money/arithmetic.rb b/lib/money/money/arithmetic.rb
index 37c4aa8079..95ddc8099f 100644
--- a/lib/money/money/arithmetic.rb
+++ b/lib/money/money/arithmetic.rb
@@ -200,10 +200,15 @@ def *(value)
     #
     def /(value)
       if value.is_a?(self.class)
-        fractional / as_d(value.exchange_to(currency).fractional).to_f
+        exchanged = value.exchange_to(currency)
+        raise ZeroDivisionError, "divided by Money(0)" if exchanged.zero?
+        fractional / as_d(exchanged.fractional).to_f
       else
         raise TypeError, 'Can not divide by Money' if value.is_a?(CoercedNumeric)
-        dup_with(fractional: fractional / as_d(value))
+
+        value = as_d(value)
+        raise ZeroDivisionError, "divided by zero" if value.zero?
+        dup_with(fractional: fractional / value)
       end
     end
 
@@ -240,13 +245,16 @@ def divmod(val)
 
     def divmod_money(val)
       cents = val.exchange_to(currency).cents
+      raise ZeroDivisionError, "divided by Money(0)" if cents == 0
       quotient, remainder = fractional.divmod(cents)
       [quotient, dup_with(fractional: remainder)]
     end
     private :divmod_money
 
     def divmod_other(val)
-      quotient, remainder = fractional.divmod(as_d(val))
+      val = as_d(val)
+      raise ZeroDivisionError, "divided by zero" if val.zero?
+      quotient, remainder = fractional.divmod(val)
       [dup_with(fractional: quotient), dup_with(fractional: remainder)]
     end
     private :divmod_other
diff --git a/spec/money/arithmetic_spec.rb b/spec/money/arithmetic_spec.rb
index 0ad1b503e3..710366333c 100644
--- a/spec/money/arithmetic_spec.rb
+++ b/spec/money/arithmetic_spec.rb
@@ -437,6 +437,28 @@
       end
     end
 
+    it "raises ZeroDivisionError when dividing by Money with zero value" do
+      money = Money.new(100, "USD")
+      zero_money = Money.new(0, "USD")
+
+      expect { money / zero_money }.to raise_error(ZeroDivisionError, "divided by Money(0)")
+    end
+
+    it "raises ZeroDivisionError when dividing by Money with zero value in same currency" do
+      money = Money.new(100, "USD")
+      zero_usd = Money.new(0, "USD")
+
+      expect { money / zero_usd }.to raise_error(ZeroDivisionError, "divided by Money(0)")
+    end
+
+    it "raises ZeroDivisionError when dividing by numeric zero" do
+      money = Money.new(100, "USD")
+
+      expect { money / 0 }.to raise_error(ZeroDivisionError, "divided by zero")
+      expect { money / 0.0 }.to raise_error(ZeroDivisionError, "divided by zero")
+      expect { money / BigDecimal("0") }.to raise_error(ZeroDivisionError, "divided by zero")
+    end
+
     it_behaves_like 'instance with custom bank', :/, 1
   end
 
@@ -555,6 +577,28 @@
       expect(special_money_class.new(10_00, "USD").divmod(special_money_class.new(4_00)).last).to be_a special_money_class
     end
 
+    it "raises ZeroDivisionError when dividing by Money with zero value" do
+      money = Money.new(100, "USD")
+      zero_money = Money.new(0, "USD")
+
+      expect { money.divmod(zero_money) }.to raise_error(ZeroDivisionError, "divided by Money(0)")
+    end
+
+    it "raises ZeroDivisionError when dividing by Money with zero value in same currency" do
+      money = Money.new(100, "USD")
+      zero_usd = Money.new(0, "USD")
+
+      expect { money.divmod(zero_usd) }.to raise_error(ZeroDivisionError, "divided by Money(0)")
+    end
+
+    it "raises ZeroDivisionError when dividing by numeric zero" do
+      money = Money.new(100, "USD")
+
+      expect { money.divmod(0) }.to raise_error(ZeroDivisionError, "divided by zero")
+      expect { money.divmod(0.0) }.to raise_error(ZeroDivisionError, "divided by zero")
+      expect { money.divmod(BigDecimal("0")) }.to raise_error(ZeroDivisionError, "divided by zero")
+    end
+
     it_behaves_like 'instance with custom bank', :divmod, -> { Money.new(1) }
     it_behaves_like 'instance with custom bank', :divmod, 1
   end