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The Second Time Around…Blended Families/Blended Finances

The Second Time Around…Blended Families/Blended Finances

July 24, 2022

For many who are divorced or widowed, finding love again, especially after the age of 50, is cause for celebration…a new lease on life. But second marriages come with a unique set of financial and estate planning challenges.

The excitement of new love also means the acceptance of change and the acceptance of your new spouse’s family, history, and finances. You will need to carefully consider how to blend, as seamlessly as possible, all those elements together in sickness and in health, ’til death do you part.

As you embark on this exciting new journey it is the perfect time to meet with your One Financial Services advisor to review your current financial plan and decide on any adjustments or changes that may better serve your new future. 

Before committing to joining your life with another, the two of you should have a straightforward conversation about each of your financial situations. How will you share expenses, who will be responsible for paying what, and what, if any, money will you combine, or will you continue to maintain separate accounts? 

Age has its advantages and one of them is the wisdom gained from experience, so although it may not sound “romantic” a prenuptial agreement can be a very wise decision allowing you to clarify expectations and avoid misunderstandings. Many who marry for a second time may be more realistic about the practicality of a prenup since they may not want to avoid what for many was an unpleasant previous experience. 

You will also want to consider how the two of you will handle caregiving and its related expenses should it be necessary. What happens if one of you becomes seriously ill or incapacitated. As with the prenuptial agreement, this calls for an open and frank discussion between you and your partner…and both families as well since it is often the adult children who are called on to provide or arrange care. Your wishes can be laid out in a written, notarized care plan that should be included with your living will and advance directive.

Frank Sinatra knew what he was talking about when he sang, “Love is lovelier the second time around”. Your One Financial Services team is here to help you make the most of life’s second chances. 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.