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.
“No union is more profound than marriage, for it embodies the highest ideals of love, fidelity, devotion, sacrifice, and family. In forming a marital union, two people become something greater than once they were. As some of the petitioners in these cases demonstrate, marriage embodies a love that may endure even past death. It would misunderstand these men and women to say they disrespect the idea of marriage. Their plea is that they do respect it, respect it so deeply that they seek to find its fulfillment for themselves. Their hope is not to be condemned to live in loneliness, excluded from one of civilization’s oldest institutions. They ask for equal dignity in the eyes of the law. The Constitution grants them that right.
The judgment of the Court of Appeals for the Sixth Circuit is reversed.
In our second installment of He Said/She Said on the Huffington Post, marriage counselor Aaron Anderson and I disagree about whether couples should have a trial separation:
When it comes to test-driving a separation everyone has an opinion, but no one disagrees more than your marriage counselor and your divorce attorney. A trial separation is one of the most challenging decisions a couple can make when facing hard relationship problems. Couples often struggle with questions like “What will we tell the kids?,” “Is it healthy to try and stay in the same house?” and “What are the legal consequences if I move?”
The other day, I had the pleasure of speaking with Chase Kosterlitz and Sarah Byrne, hosts of the I Do Podcast, a forum aimed at inspiring young couples to create positive and happy relationships and successful marriages.
So why did they want to talk to a divorce lawyer? One benefit of seeing individuals and couples in the midst of divorce and family crisis may be finding common patterns and things to avoid. I provide my tips on how to avoid landing in my office.