Did you know that 1,300 new blended families form every day in the U.S.? Families like these are composed not only of a couple, but their children from the new relationship and any children from previous relationships.
As with any family dynamic, there are things that blended families must consider when it comes to finances. We spoke with Rockland Trust Vice President and Financial Planning Officer Theresa Becker, CFP®, about three considerations for blended families:
Communication and Setting Expectations are Vital
All relationships require open and clear communication. This is especially true when children are involved. It is important for couples to stay on the same page about expectations and parenting style, as well as financial goals and responsibilities. This is not a one-and-done conversation, but a series of talks overtime that evolve as your family’s needs change.
Learn How to Talk To Your Partner About Money >>
To Combine Assets or Not?
Each relationship requires partners to decide how much they want to co-mingle their finances. For blended families, there may be other financial responsibilities that factor into this decision such as child support, alimony or other expenses that may be shared with another party. Discuss with your partner if, how and when to merge finances together. There is no one-size-fits-all approach here and will be unique to each family’s financial goals.
Article That May Interest You:
Benefits of Joint and Separate Bank Accounts for Couples >>
Protect Your Kids and Financial Assets
It is always wise, particularly when you have children, to have plans in place like power of attorney, wills, and other legal documents to protect your financial assets. Estate planning is even more crucial for blended families. You might consider creating a trust, for example, for your children. If remarrying, you may also want to confirm beneficiaries and make any necessary changes.
Estate Planning That You Should Do Now >>
At Rockland Trust, we work with families at all stages of their lives. Our bankers are happy to help you look at your family’s unique financial situation and determine the best way to reach your goals. Check out our Learning Center for helpful articles about raising families, budgeting and more.
Get the latest financial tips and advice by signing up to receive our emails.
Rockland Trust Online Banking gives you a variety of services that help you use and manage your accounts, whenever and wherever you want.
* indicates a required field.
Rockland Trust makes it easy to manage all of your accounts with our simple online portals.
Rockland Trust gives you a variety of services that help you use and manage your accounts, whenever and wherever you want.
* indicates a required field.
