If you become part of a blended family, you may find the experience quite rewarding.
But you’ll also want to be prepared for some financial challenges.
For starters, you and your new spouse or partner may need to evaluate your respective attitudes about money.
Is one of you a saver and one a spender?
When you invest, is one more aggressive and one more conservative?
You might need to find some compromises.
Also, you may have to decide if you want separate financial accounts or if you want to merge them.
There’s no one right answer for every situation, so think carefully about your choices.
You’ll also want to be aware of the debts and credit ratings you each are bringing to your new blended family, as these can greatly affect your financial moves.
And don’t forget about the legal issues involved.
Specifically, you may need to update the beneficiary designations on your life insurance and other financial accounts — and you’ll probably also have to revise your estate plans with your attorney.
These financial considerations should give you some things to think about — and the earlier you start thinking about them, the better.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
