How to Handle Money Effectively as a Blended Family
In 40% of all new marriages, at least one person was previously married. Blended families come with unique financial dynamics that arise from merging families with different financial values, spending habits and money philosophies.
Alan Feigenbaum, a matrimonial attorney in Blank Rome's New York Office, says “As difficult as it may be to tackle the subject head on with your soon-to-be spouse, one should not assume that, after leaving the workforce as a professional earning a sum certain, you can then re-enter the workforce 10-15 years later earning the same amount and in the same field. Vocational training may well be needed to become self-supporting — which itself is not free of cost.”
Feigenbaum recommends considering prenuptial agreements for blended families. “Prenuptial agreements address your rights to, among other things, spousal support in the event the marriage breaks down.” Feigenbaum states, “particularly in families that already have minor children under their roof, it merits exercising caution before agreeing to a waiver of any right to spousal support (temporary or post-divorce) if the prenuptial agreement is triggered.”
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“How to Handle Money Effectively as a Blended Family,” by Stacy Francis was published in Kiplinger on August 27, 2020.