Interview: Perspectives on Step-Parenting

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My crazy wonderful blended crew!

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.