How to Do Financial Planning for Blended Families

Finances can be a divisive issue in any relationship, but it becomes even more thorny once you add stepchildren and ex-spouses into the mix. With the increase in divorce and remarriage today comes a proliferation of blended families. These tips can help you keep your relationship--and family--intact through thick and thin.

Instructions

Difficulty: Moderately Challenging

1. Have a prenup (or draft a postnup) to protect your joint assets. While prenuptial agreements doesn't sound romantic, having one to clearly outline who has what going into a marriage is a good way for remarried couples to avoid headaches down the line.
2. Hold a family meeting to discuss financial matters in the open. Few issues can divide family members more quickly than about money and finances. Therefore, you may want to consider holding an open forum to air these issues out so there are no surprises among relatives about who's entitled to what. As cheesy and unrealistic as having this forum may sound, it's better to at least attempt to start a dialogue than let hidden familial resentments fester into larger conflicts.
3. Draft a will clearly outlining your intentions. To avoid having your children and stepchildren argue over who gets grandma's china set, draft a will that makes clear who will get what. Arguments over seemingly insignificant matters like a set of flatware can mushroom into family feuds that span decades if you're not careful, so write it out.