Merging Two Families? Don’t Forget Your Finances

Becoming a blended family presents unique opportunities and some challenges with regard to your financial and estate planning. In 40% of all new marriages in the United States, at least one of the spouses was previously married. There are unique financial and estate planning dynamics that can come from merging families, especially as it relates to financial values, existing documents, money philosophies and even your spending habits.

There’s a good chance that the way you talk to your individual children about finances is different too. From savings plans to allowances, it’s important for you and your new spouse to get on the same page. In these circumstances, it’s a good idea to look at existing documents that both of you are bringing into the marriage.

Estate planning must be tackled together with your new family in order to ensure that your estate planning documents and strategies accomplish your goals. Once you’re married, your blended family should quickly reevaluate existing estate planning processes.