Financial Planning for Blended Families

After the divorce. Before the remarriage.

Second and subsequent marriages are more likely to fail than first marriages.

At the same time, each spouse in a second marriage is more likely to enter the union with assets, debts – and children.

Making things more complicated.

A prenup is the way to think through, negotiate and agree upfront who gets what in the event of a divorce – or death – of a spouse. The surviving spouse. His kids, her kids, their kids, a combination of all of the above?

Before the marriage, either party can walk away if agreement can’t be reached – unscathed, at least financially.

But the instant the “I dos” are exchanged and wedding gifts received, there is no turning back and the other spouse and/or a court have a say in who gets what – and escape is less likely to be unscathed.

Read more in this Kiplinger’s article: Blended Family Finances.