Financial Planning for the Blended Family

First, congratulations. We love helping families who are coming together. In addition to some of the emotional implications that make come along with blending your family, it is also important to get your financial arrangements in order. Here are some top suggestions before you tie the knot:

 

Communicate: 

The most important consideration is open and honest communication about your wishes while property planning for your future. Many couples (and families) benefit from knowing that they all agree, or at a minimum will not be surprised by, important financial decisions. Early discussions about important financial topics may help reduce conflict. Minimizing disagreement upfront also reduces disputes over these financial issues and can greatly ease future legal costs, a savings to everyone involved.

 

Consider a Pre-nuptial: 

A prenuptial agreement is a contract entered into by a couple before marriage. The pre-nup spells out the property rights of one or both parties involved in the case of death or divorce. A pre-nuptial agreement can be particularly important in blended families, to spell out exactly how you would like your assets to be split between your new spouse and prior (or future) children. To ensure enforceability, you will need to meet with your family law attorney to discuss your options.

 

Beneficiaries: 

Remember to update beneficiaries for your policies, such as insurance and retirement accounts. You may need or want multiple primary beneficiaries; such as your new spouse and your children sharing equally; or just one primary beneficiary, with assets going to your child or your new spouse.

 

Consider an Estate Planning Attorney: 

You may wish to speak with an estate planning attorney to help in drafting new wills, or in the creation of a living trust. An estate planning attorney will be able to review the various tax consequences of your financial arrangements and help you to create the best plan that works for you.

 

For assistance establishing a prenuptial agreement speak with one of our Washington State Family Law Attorneys at Elise Buie Family Law Group, PLLC.  We provide free consultations to help get you started with planning your prenup today. 

STAY UP TO DATE

Subscribe to our newsletters

 
Subscribe to one or more of our newsletters, delivering meaningful insight on topics that matter to you and your family.

FURTHER READING

Latest Blog Posts

Many people find it challenging to get started with estate planning. From confusion about the process to denying that estate planning is necessary, there are various reasons why people do not want to create an estate plan. That said, estate…

After divorce, it is common to experience feelings of shame. That shame could arise from multiple sources, including feeling that you let your spouse or children down or because you are worried about what others may think of you. Regardless…

Estate planning can feel overwhelming, but it is necessary to ensure your assets are in order and your loved ones are taken care of. Establishing an estate plan can also make certain issues easier for you and your family during…

In Washington state, alimony is referred to as maintenance. Maintenance is court-ordered spousal support payments that one spouse makes to assist with the living expenses of the other spouse for a period of time and for a particular purpose.  Maintenance…

The homes. The boat. The investment accounts. During a high-net-worth divorce, the disposition of these and other assets (and debts) may be one of the most significant reasons underlying the contention between you and your soon-to-be-ex, making these types of…

This is part three of our three-part series, “Expecting the Unexpected.” You can read part one on catastrophic illness here and part two on chronic illness here. Estate planning may initially bring to mind the process of outlining the manner…

It seemed like it was going to be just another day. Get the kids off to school, do household chores, go to work. But then your spouse let you know it was over between you, that they want a divorce.…

This is part two of three in our series “Expecting the Unexpected. You can read part one on catastrophic illness here. For many, estate planning immediately brings to mind ways you can protect your assets and retirement funds for your…

When considering divorce, you may toy with the idea of representing yourself. For example, you may think your divorce will be relatively straightforward. Or maybe you consider yourself a savvy negotiator and highly intelligent. Or the idea of saving yourself…

While estate planning is often associated with enjoying assets while you are alive and then preparing for their disposition to inheritors after death, there are more outcomes estate plans can aid in to adequately protect the quality of your life…