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How blended families can deal with finances

Since about 50 percent of all marriages end in divorce, it's likely that a California parent could remarry in the future. In some cases, the parent's new spouse may also have joint or even sole custody of their own children. Transitioning into what the U.S. Census Bureau calls a "blended family" can be difficult, particularly on finances.

Before two parents get married, it is recommended that they come to some common agreements. This includes deciding what type of financial example they want to set for their children. They should also agree on their spending habits, how they intend to save for the future and how to use any excess money. Furthermore, parents who are creating blended families should determine how to deal with one or more of the children needing more resources than the others.

It is also recommended that those looking to create blended families consider getting a prenuptial agreement. This agreement can protect the kids and serves as a financial road map for how expenses and responsibilities will be shared. Even if the document is not formalized, it can ensure that both parents talk about the important financial aspects of blending two families together.

No matter what a parent's financial situation may be, a divorce can be difficult. If a parent does decide to get married to a new spouse, there could potentially be an impact on any ordered child or spousal support. An attorney may walk the parent through how a new marriage will impact existing support payments. The attorney may also assist with drafting a prenuptial agreement that can protect any children the parent had prior to entering the marriage.

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