| According to the U.S. Census Bureau, more than 10 million children live with a biological parent and a stepparent. In cases of divorce, many kids spend equal amounts of time with both parents — hauling back packs, soccer shoes and toys from Mom’s house to Dad’s, or vice versa, on alternating weekends or throughout the week.
For remarried parents, keeping track of a complicated calendar of shared activities – and the assortment of soccer shoes, leotards, swimming goggles and school books – can be challenging.
Add the challenge of combining two sets of finances together, and it’s easy to see why many blended families name “managing money” as a prime pressure point.
That’s precisely the reason why couples who have been married and divorced should take time to review and discuss their financial situations before remarrying.
If you’ve been married before and are considering marrying again, schedule a meeting with your financial and legal advisers and your partner to discuss the following points:
 Investments
In order to successfully plan for the future, have an open discussion about your past. What are your investments? Where are they? Along with your financial adviser, you and your partner should weigh the pros and cons of blending your investments or keeping them separate. If you choose to maintain all or some of your investments separately, make sure the diversification strategy of your portfolio compliments that of your partner’s.
Liabilities
For most people, their most common major liability is their home. If you both own homes, which one will you keep? Is it best to sell both and purchase a new home? When meeting with a financial advisor, each partner should bring his/her mortgage statements and be prepared to talk about real estate-related and other liabilities. Your financial adviser can help compare your liabilities to your sources of income and help identify how your soon-to-be blended family can manage finances most efficiently.
Long Term Planning
Take some time to discuss what retirement accounts and insurance policies you each have. Identify who your beneficiaries are now, and if they will change in the future. Remember that the legal process of marriage does not automatically change who your beneficiaries are. Changes to a policy’s beneficiary generally need to be made in writing.
Talk about your will and estate plan, including who your executor is and make sure your partner is aware of your long-term intentions and interests. If your will includes a philanthropic element for a charitable organization or local nonprofit, share that information with your partner early on.
Assets and Titling
Review how your assets are titled and think about what, if any, future implications the title structure may have. Is your former spouse listed on the title to a car or home that you own? Your legal adviser can offer suggestions on how best to title your assets if you choose to remarry.
Managing the family finances can be a tough job and managing the finances of a blended family can be especially challenging. With the right planning and advice, you and your partner can develop a plan that’s right for your family.
Hampton Roads is ranked in the top quarter of regions across the world, and second in the nation in economic performance in the past year.
Blended families in Hampton Roads have an opportunity to take advantage of a stronger market with the right team of advisors in place.
If you’re planning to remarry – or if you’ve recently created a blended family –take some time to visit with your trusted advisers to learn about how to plan for the financial future of your new family unit.
 Alexis Swann is a Private Banker and Senior Vice President for the Greater Virginia region of Wells Fargo Private Bank.
As part of The Private Bank, Mrs. Swann works with clients to understand their needs and then coordinates a team of specialists to provide wealth management services, including banking, credit, investment management and trust and estate services through Wachovia Bank, N.A., as well as brokerage services through Wells Fargo Advisors, LLC.
For more information Contact Alexis Swann at 757-667-3522
Wells Fargo Private Bank provides products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.
Wells Fargo does not provide tax or legal advice. This article is for information and education purposes only, and should not be construed as tax or legal advice, which Wells Fargo and its affiliates cannot provide. Please consult your professional tax and legal advisors to determine how this information may apply to your own situation.
Wells Fargo Bank, N.A. Member FDIC
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