Blending Families: A Challenge From Every Angle
Couples entering into a second marriage, especially where children are involved, are preoccupied by the day-to-day challenges they face, like consolidating two households into one, trying to ensure that everyone gets along, divvying up space in a new home and even chores like laundry or cooking. They often overlook the long-term implications of a blended family, and that oversight can be costly, especially given the fact that up to 70 percent of second marriages end in divorce.
The issues involved in merging families can be more difficult when one or both parties to the marriage are wealthy. In situations where a large amount of money is involved, emotions run high, especially among children one of the parties has from a previous relationship. The concept of the "evil" stepmother or stepfather running off with all of their parent's money has many children worried about more than just the success of the new relationship.
Particularly for families with a high net worth, legal options can help put minds at ease prior to the marriage. Prenuptial agreements, once hailed as being a harbinger of divorce , are actually a great way to plan for contingencies involved in the end of a second (or third) marriage. These agreements, based upon the full financial disclosure of both parties and drafted to set forth their economic wishes, can be negotiated by the parties and/or their attorneys, allowing for dialogue, give-and-take and explicit instructions for allocating wealth to children of prior relationships as well as to any children who may join the family during this marriage. Premarital agreements can also be invaluable when family heirlooms, real estate or collectibles are involved -- this treasured property can be specifically kept outside the scope of any marital property in the event of a divorce.
While there is no one-size-fits-all solution for the financial woes facing every blended family, with communication, honesty and forethought, most conflict can be avoided. If you are preparing to enter into a subsequent marriage and have questions about protecting your property rights through a prenuptial agreement or other method, contact and experienced family law attorney in your area for more information.
The issues involved in merging families can be more difficult when one or both parties to the marriage are wealthy. In situations where a large amount of money is involved, emotions run high, especially among children one of the parties has from a previous relationship. The concept of the "evil" stepmother or stepfather running off with all of their parent's money has many children worried about more than just the success of the new relationship.
Particularly for families with a high net worth, legal options can help put minds at ease prior to the marriage. Prenuptial agreements, once hailed as being a harbinger of divorce , are actually a great way to plan for contingencies involved in the end of a second (or third) marriage. These agreements, based upon the full financial disclosure of both parties and drafted to set forth their economic wishes, can be negotiated by the parties and/or their attorneys, allowing for dialogue, give-and-take and explicit instructions for allocating wealth to children of prior relationships as well as to any children who may join the family during this marriage. Premarital agreements can also be invaluable when family heirlooms, real estate or collectibles are involved -- this treasured property can be specifically kept outside the scope of any marital property in the event of a divorce.
While there is no one-size-fits-all solution for the financial woes facing every blended family, with communication, honesty and forethought, most conflict can be avoided. If you are preparing to enter into a subsequent marriage and have questions about protecting your property rights through a prenuptial agreement or other method, contact and experienced family law attorney in your area for more information.
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