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Shillington, Pennsylvania Family Law and Estate Planning Blog

How to approach money issues in a blended family

Posted by Rob Levengood | Sep 08, 2020 | 0 Comments

It is generally a good idea to have a money talk with your future spouse before your Pennsylvania wedding takes place. This is especially true if you or your spouse have been married before or have children from previous relationships.

Provide as much detail as possible

Ideally, you will create an exhaustive list of every asset that you own and how much it is worth. Furthermore, you should be upfront about any credit card or student loan balances that you have. Finally, be sure to talk about any child or spousal support payments that you are obligated to make.

Schedule regular financial meetings

Your financial goals and priorities will likely evolve over the course of several years or decades. To ensure that you and your spouse are on the same page about household finances, it can be a good idea to schedule regular financial planning dates. Spending about an hour per month talking about money can help to prevent future conflicts before they have a chance to occur.

A prenuptial agreement might make sense

If you are planning on leaving the workforce to care for your children, it may have a significant impact on your lifetime earning potential. A prenuptial agreement may ensure that you receive financial support in the event that your marriage comes to an end. Creating a custom marriage agreement may also protect assets that are meant to be passed down to your biological children.

Premarital agreements may be powerful tools in an effort to protect assets or otherwise secure your financial future. An attorney may be able to talk more about this tool and the potential benefits of creating one. A legal professional may also be able to review a prenuptial pact before it goes into effect.

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Rob Levengood



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