Divorce, blended families and financial planning

The families of yesteryear are slowly fading from predominance in American culture and reality. No longer do the vast majority of American families resemble the atomic family from the 1950’s. Divorce, remarriage and single parent homes have reshaped the American family landscape. With that reshaping, there has also been a reshaping of finances in the modern American family. Blended families usually require and have multiple financial accounts to keep track of varying financial responsibilities and child support payments. Even though blended families have complex financial circumstances, many families do not plan as well as they should.

According to the National Stepfamily Resource Center, between 52 to 62 percent of first-time marriages end in divorce, and around 40 percent of all Americans have a step relative of some sort. Around 75 percent of those who divorce will remarry. One common thing in all marriages is that only 20 percent of couples discuss financial matters before they tie the knot. Since blended families can have complicated finances that may include child support, financial planning is even more important to those families.

There are a few things a blended family should consider when thinking about their finances. Blended families should develop an agreement on finances and create a financial plan specific to their situation. There is no one size fits all financial plan. Families should also review whether all members of the family are covered by health insurance. Blended families should also think about estate planning and not only review inheritances but custody issues too. Finally, all families should develop realistic budgets and be aware that a divorce may not be the end of a relationship with a former partner. Contact a Louisiana prostitution attorney for family related issues you may have.

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