Blended Family Finance!!! Did that send a shiver down your spine???
...It certainly did mine.
Blended family finances are in ways much different from everyday finances.
You have struggled to keep your family finance situation under control. You have overcome the mountain that divorce or being widowed presented you, as well as the unexpected fiscal surprises from day to day. You might even have a savings plan, a retirement account, life insurance, or even college savings for your children.
It might be a lot or it might be a little but despite the money in your account… it is a huge accomplishment. I know. This financial scenario is likely similar for both of you.
So where on earth do you start?
#1 advice… communicate about your blended family finance arrangement. You can’t ignore it and let it “work itself out”. This is simply a recipe for disaster. It is imperative that you sit with one another and discuss where you have been, where you are now and where you want to be in the future.
Some things will remain hers, some his, don’t take these things personally. You are dealing with not just the present and future, but the past that has led you both up to this point. As time goes by and the blended family becomes a unit, much of how the finances are handled will evolve and change.
After the discussions, I highly recommend that you take the following steps:
-See a
Certified Public Accountant
. A CPA will be a wealth of information on how to handle your blended family finances. There are so many family tax implications that we simply don’t think about because we simply don’t know.
-Talk to a lawyer...
Live Family Law Advice
Can help you ... Plan, Plan, Plan. There are so many awful things that can happen when one party of a blended family is unexpectedly lost. A lawyer can help to protect you and your family from the unforeseen.
-If feasible, talk to a
Financial Planner
. In conjunction with the other two steps, this team of professionals can help you devise a financial strategy to help you reach your goals as well as protect you in the long run.
There are of course many other aspects of family home finance to consider. Family credit counseling or Family Loans are certainly a consideration for those, like me, who have struggled to stay above water all the time. Family health insurance is a major decision process for the blended family as there can be many different scenarios and obstacles to overcome.
All being said, finances are a major consideration for any family. The blended family in and of itself simply requires more; more effort, more determination and sometimes, a little outside assistance.
