- What is a Blended Family?
- The Financial Effects of Divorce
- The 5 Stages of Blended Families
- Your Blended Families’ Financial Reality
- Financial Steps to Take Together
- Discuss a Prenuptial or Postnuptial Agreement
- Talk About Your Financial Goals
- Spending and Saving Decisions
- Decide About Your Home(s)
- Create a New Budget
- Have a Plan to Manage Debt
- Repair or Establish your Credit Record
- Ending Financial Relationships with Ex-Spouses
- Purchase Insurance to Protect your Blended Families’ Assets
- Create or Update Your Wills
- Decide About Your Tax Filing Status
- Check Your Children’s College Scholarships
- Managing the Relational Aspects of Finances in Your Blended Family
- Resources for Blended Families
According to the Stepfamily Foundation, nearly 1,300 new step, blended or second families are created every day in the U.S.; in fact 64% of all American families are some form of blended family.
Blending families is not a simple or quick process. While the paperwork may indicate that a new family is formed immediately upon remarriage, the actual work of bringing two families together to create a new family structure – the process of blending families - can be difficult, emotional and very financially challenging.
Blended families (whether one or both spouses have previous marriages) have unique issues that affect financial decision-making -- such as child support, alimony, legal relationships between stepparents and non-biological children, joint custody issues, and more -- that other forms of families do not typically have. Because divorce is usually very financially debilitating, when two previously divorced single parents marry they may feel especially worried about money.
This section is designed to help you think through, discuss and make decisions about creating financial priorities, boundaries and goals within and for your new, blended family. But first let’s talk about what, exactly, a blended family is.