Blended families are becoming increasingly common, but the politics and etiquette of financially supporting stepchildren is still unique to each family. Determining which parent pays for what – and for whom – can be complicated. Ameriprise financial advisors are available to discuss the things that new and soon-to-be stepparents should consider and discuss as they blend their families and finances with a new partner. Possible topics include:
- Specific financial topics that should be discussed between new partners ahead of time before blending finances or making a hasty financial decisions.
- Financial agreements that should be included in a divorce settlement concerning current and future expenses for the children.
- Ways to approach discussions with biological children and step children about which parent pays for what and when it’s appropriate to ask for things from either parent.
- How and when to begin discussing plans for significant financial goals for children and step-children like financing a vehicle or college education.
- The benefits of having financial conversations early and often, and putting plans in writing.
Sometimes the biggest challenge in having family financial discussions is finding the right way to approach them and avoid causing tension. Check out Suzanna de Baca’s tips for avoiding financial disagreements between partners.