73% of remarried couples do not have a specific plan for money management
Managing the family finances is a leading cause of divorce. If nuclear families can’t get along when it comes to money, is it really a surprise that a blended family often has even more challenges?
I attended the most recent Financial Therapy Association Conference, where Van Cleve and a fellow Texas Tech University Ph.D. student, Ashley McWhorter Keamo presented their academic research on this topic. They emphasized that blended families can come in various forms — one spouse having kids from a prior relationship, both spouses having children from previous relationships, and possibly having a child together. Each form presents unique challenges.
The foundation of any successful financial plan is open communication. From the outset, it’s crucial for all parties involved to discuss their financial expectations, goals, and concerns. This includes transparency about income sources, debts and any pre-existing financial commitments. One successful approach for managing money in a blended family is a “bucket” approach. Perhaps one bucket is a joint account for managing household expenses, while each partner has a separate bucket for expenses such as past debts, previous financial obligations and child-related expenses.
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