Blended Family Challenges And Tips To Overcome Them

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A blended family, also known as a stepfamily, is a family unit composed of two people with children from previous relationships coming together to start a new family.

Challenges Managing Finances In A Blended Family

1

Estate Planning

When blending finances, new partners may need to re-allocate assets equitably to consider partners and children from previous and new relationships.

2

Financial infidelity fosters mistrust in relationships and can have a devastating impact on a couple’s relationship and children’s future.

Financial Infidelity

3

Money Habits

It is crucial for all couples, including those who are building a blended family, to discuss their spending and saving habits, expectations from each other, and  financial philosophy.

Financial Plan

Ideally, couples should create a joint financial plan, including savings goals, family budget, income sources, debt payments, net worth target, investments, and retirement plans.

4

Couples must know if their partner owes alimony, child support, or other payments mandated in the  divorce settlement.

5

Financial Obligations Due To Divorce Settlement

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