Blending families means blended finances

On behalf of Stange Law Firm, PC posted in Family Law on Tuesday, June 27, 2017.

When Missouri residents are remarrying and creating a blended family, there can be a range of concerns in their minds. This has become a fact of life, and many children are living in blended families that include step- and half-siblings or step-parents.

Children are resilient and flexible, and an abundance of love is always central to making a blended family successful. There are also financial planning goals and objectives to keep in mind when taking the next step toward bringing families together. Each parent in the situation should share their priorities, especially relating to the children.

In order to get a full picture of family finances, it’s important to consider each partner’s individual wealth, assets and income and how those things will be shared. The previous spouses will also play a role in the financial experience of children of a blended family, as will each partner’s extended family and relatives.

Some families coming together may wish to consider a prenuptial agreement. Even if they choose not to formalize a contract, discussing financial issues openly can help to develop a full understanding and a clear picture of the family’s finances moving forward. While love is certainly critical, blending families also comes with an array of practical choices. Families will need to choose between homes, manage bank and investment accounts and divide financial tasks.

For parents who are bringing their families together in a new marriage, consultation with a family law attorney can help to address financial goals and make a plan for the future. These plans can include understandings about property, inheritances and other applicable issues.

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