Wood & Associates, P.A.
Expertise In Handling Matters Involving Military Personnel
850-502-8978

Issues to consider when blending families

According to a Pew Research Center report, 16 percent of children were living in a blended family in 2015. However, there may be financial difficulties in such an arrangement. One way to make a transition easier from a financial perspective is to have common goals when it comes to money. Florida couples who are going to be in this position should ask themselves what they want financially and what type of example that they want to set for their children.

It may also be a good idea for parents in a blended family situation to figure out what to do with any extra money that they may have. Parents may also need to consider how they will treat each other's children in the event that one person may have more money or assets than the other. Determining how to fairly treat the children may also be important if one or more have special needs.

If a child's other biological parent or grandparent plays a role in his or her life, that may also impact a blended family's financial situation. After having a conversation about money, it may be worthwhile to consider a prenuptial agreement. Even if the document never gets signed, it will help to create full disclosure between individuals and create a financial road map for the marriage.

There may be many family legal issues that arise when an individual with children marries someone else who may have children. In such a situation, it may take good communication and written agreements to determine how separate assets may be treated both during and after a marriage. An attorney can often help individuals create agreements that may settle these issues without the need to go to court.

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Wood & Associates, P.A.
980 Airport Road, Suite A
Destin, FL 32541

Phone: 850-502-8978
Fax: 850-424-7468
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