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Tips for blending families

Some Northern Kentucky residents who have been married before may be in a new relationship and want to combine households. There are a number of financial angles to consider when creating a blended family. A couple should begin by discussing their attitudes about money, spending and saving with one another. They might also discuss their long-term spending goals and what they want for their children. They should consider how they will deal with various imbalances such as the differing needs of children or one coming into the relationship with more assets than the other.

The latter problem could be dealt with in part by having a prenuptial agreement. Putting one together also promotes honest communication about money, so it could be a good exercise for a couple even if they do not intend to make it legally binding.

People will need to think about practical considerations such as what they will do if they both own a home and whether they will have joint or separate accounts. They might also consider how they will pay for children's college education. It is important to keep in mind that exes and grandparents may be involved as well.

This means that both custody and support may be renegotiated. If either person gets spousal support, this usually ends on remarriage. Custody and visitation schedules might change. Older children may express a preference for living with the other parent. It may be necessary to ask for child support order modifications if the arrangement results in a significant change in financial status. If people have managed to create an effective co-parenting relationship with former spouses, this part of the transition may go more smoothly.

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