Building a blended family after a divorce can get complicated. Not only is becoming a step-parent a major emotional commitment but now add in the finances and the dynamics involved in supporting this new expanded family. As a step-parent myself, I know all about this difficult and wonderful journey.
I spoke with MassMutual about the financial concerns when tackling step-parenting. While some tips are obvious (eg. get life insurance), other ideas are more nuanced (consider creating a trust and updating your will).
The article addresses four things that new stepparents should do:
Decide how you and your new spouse will manage household finances.
Update beneficiaries on insurance policies, bank accounts, and brokerage accounts.
Secure or revise life and disability income insurance policies, if needed.
Learn how your changed situation will affect your taxes.
You can read the article here and discuss your step-parenting journey in the comments.
Jessica insisted that her husband could be reasonable in the divorce, despite his threats of physical harm and emotional abuse. She agreed to mediation anyway. Months later and mediation stalled as he slowly stopped cooperating. Then Jessica was surprised with a huge motion full of lies that kicked her out of their house and ordered her to stay away from the kids! Suddenly she had to fight false claims for months to get her kids back.
Jessica was divorcing a narcissist. She believed his offers to settle all while he underhandedly created a false and exaggerated case against her that would take years to undo. If you are divorcing a narcissist, be prepared for a guerrilla-warfare divorce. How do you know he’s a narcissist and how do you approach your divorce? Continue reading “More Than Just a “Difficult Divorce” – He’s a Narcissist.”→
Divorce often intersects with couples therapy. Many times my clients are just coming to new realizations about their marriage during couples counseling or have tried many times over to make it work. Two excellent therapists and certified coaches that I had the chance to speak with are Poppy and Geoff Spencer. Their work and their marriage — to each other — has been documented in their #1 bestselling book “One Billion Seconds: There’s Still Time to Discover Love.” This dynamic pair discussed a host of different issues when it comes to the realization that a divorce may be on the horizon on the podcast: The Relationship Restaurant. The podcast focus is on “a figurative place where you can feel comfortable and safe to explore your relationship questions and concerns, so you can create your very own heart healthy relationships.”
This Thursday, Morghan Richardson will be discussing Prenups and Property issues at the famed Friars Club in Midtown. Joining will be Compass Real Estate Broker Elizabeth Schwartz. Free event but space is limited — RSVP here. Come join us from 6pm to 8pm for drinks and snacks.
Mark was confused: his wife was demanding their co-op apartment in the divorce, and he felt – deep in his heart – that she should have it. His friends and coworkers were telling him it was a bad deal to trade-off paying her “alimony” and give her the apartment. And so was I. When Mark came in for our next appointment, I showed him my number one secret weapon in divorce – and his new best friend: a calculator. Continue reading “Your Real Best Friend In Divorce (Hint: it’s not a person!)”→
Every married woman needs at least $5,000 in a bank account in her own name — no matter what her husband thinks.
Far too many women are going to reject this mandate as an act of marital treason. Let’s be clear: I didn’t say the account had to be a secret. I leave that up to the individual woman. Nor did I suggest that you shouldn’t care what your partner thinks. In a healthy relationship, you should absolutely care about his opinion. But you should have an account, regardless.