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Finances for blended families

On Behalf of | Jun 30, 2017 | Family Law

Virginia families might face challenges after a divorce when one parent decides to marry another who has children. There are some things to consider when becoming a blended family.

Finances are usually a complicated topic, so it is best to discuss expectations and figure out how each partner feels about this issue. This includes talking about spending priorities, savings and what example to set for children. It is important to be on the same page about finances because both adults likely do not have the same level of wealth or financial needs, so a couple must decide how to handle disparities.

It is recommended that remarrying parents consider a prenuptial agreement or to at least discuss the types of issues that are contained in one. Such discussions still gives each person guidelines for how to handle finances. When making a prenup, each party must fully disclose all relevant financial information in order to avoid a challenge in the future.

There are many practical concerns to address with blended families like where to live if both people own a house and how to handle bank accounts. A couple might have joint accounts and individual accounts to allow for some autonomy, but both people should decide how to pay for bills, handle tax returns and manage joint investments.

These are only some of the concerns blended families must think about. Those with kids usually also want to plan for college as well as retirement. If the couple does decide to have a formal prenuptial agreement, it will be advisable for each party to have separate legal representation.