Blended families should consider financial and legal concerns

Minnesota residents who are remarrying and are looking to come together in blended family situations have important financial and legal considerations to keep in mind. More and more families are being formed in this fashion. Indeed, a 2015 report showed that 16 percent of children live with a step-parent, step-sibling or half-sibling. However, taking financial precautions can be of great help in protecting all sides of the family.

These transitions are quite common, and children are very resilient when the situation is guided with patience and love. However, there are also a number of practical considerations regarding assets to consider when forming a blended family in the event of a subsequent divorce or separation.

Each parent bringing children into the family will need to consider goals for the children as well as future financing plans. While no one likes to begin a marriage by planning for divorce, financial and legal arrangements can help to provide a secure future for all of the children in the family.Some families may wish to consider a prenuptial agreement that includes plans for pre-marital assets, especially for future use by the children. While in some blended families, complete financial unity can be an excellent choice, others may find having separate accounts to be a better option.

Whether parents are ending their marriage or are just coming together, making solid legal and financial plans with a family law attorney can help to ensure an easier pathway down the road. An attorney can often be of assistance in negotiating appropriate agreements that protect the client.

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