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Financial Planning for Blended Families

By Janet Langjahr

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.

Full post as published by Florida Divorce - Child Custody - Domestic Abuse Law on July 31, 2008 (boomark / email).