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Blended families and finances

Colorado residents who have left a previous marriage for a new one may be wondering about how to approach their finances in their new life. Money is an important topic of discussion for couples. It is necessary that partners communicate their values regarding money and their priorities. Two major subjects are children and savings. Spouses want to make good decisions for their children's futures and for their own as well.

Because married partners who come into the marriage after a divorce often both have children, an honest conversation about what each partner considers fair is warranted. If one partner has more children or more wealth than the other, then the two need to discuss how the money will be distributed.

When it comes to the future of the new couple, it is paramount that they consider retirement and estate planning. It may be possible for the children to find other options for their futures such as scholarships or student loans, but planning for retirement cannot be brushed aside. Retirement savings are high on the list of financial priorities, and some couples may benefit from setting up a savings account that automatically takes a monthly amount out of either their separate checking accounts or a joint account. By agreeing on the amount to save every month, spouses can ensure that they have clearly communicated their wishes and that they are consistently contributing to a solid foundation that will serve them in the future.

Financial planning after a divorce is often a confusing task. People must consider property division, insurance and sometimes alimony. When considering these issues, people may want to speak with a family law attorney.

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Cooper, Tanis & Armas, P.C.
42 Garden Center
Broomfield, CO 80020