Minnesota couples who have been married before and who are planning to blend their families should consider a number of financial issues. It is important that each person understands the other’s attitude on money and that the couple discusses plans for saving and spending. They should also talk about longer-term plans and what they want their children to learn from observing their attitudes about money.
It is important to understand and acknowledge that children’s needs may differ as may the assets each person is bringing into the relationship. Couples need to be specific about whether they plan to combine accounts or have separate accounts and investments and what they will do if either or both owns a home. For example, if one home is sold, they need to decide whether the title of the other home will be in both names.
A prenuptial agreement can help a couple clarify their feelings about money and what assets may be shared or kept separate. Even just having these discussions can be useful. Couples should also consider that former spouses and grandparents may play a part in some financial aspects. For example, a discussion about how to pay for children’s education may take this into account.
Blending a family could lead to changes in custody and support as well. If one person in the couple has been receiving alimony payments, this will likely end. A child support modification may be necessary, and there could be changes in custody as well. During a divorce, parents may want to look ahead to the possibility of new partners and include some guidelines in the parenting agreement as to how they would like these relationships to be handled as far as the children are concerned.