Day to day financial management, liabilities and assets are all of unique concern to people in second marriages or blended families. Whether you are remarrying after the death of a spouse or after a divorce, it is important to enter into this with new and smart financial planning.
There are many different things to consider, including how you will address your future financial wishes and your current financial situation. It helps to begin with a comprehensive review of your liabilities as well as your assets. These liabilities can include student loan debt, credit card balances, mortgages, car loans and more. Your assets can include a house, stocks, bank accounts, cars, insurance contracts and more.
The day to day financial obligations should also be addressed with a new spouse. How will the monthly bills get paid? Some couples choose to put everything in a joint account, whereas others choose to have separate checking account and split their expenses in that manner. No matter what you select, it’s important to engage with an estate planning lawyer and a financial advisor to help.