Planning for Marriage to Someone with Children
What is it?
Marrying someone with children means that your finances will become a lot more complicated as you take into account the needs of your spouse and any children who join your household. Many of the issues you confront will be the same issues that any couple marrying will face, including budgeting, insurance, and integrating your employee benefits. In addition, you'll need to consider issues related to rearing the children of someone else, such as providing for the children now and in the future, considering the impact of child support on your finances, and determining the tax implications.
How will your finances change?
Before getting married, sit down with your fiancé and discuss what assets, liabilities, and responsibilities each partner is bringing to the marriage. Although your joint income may be substantial, if you and/or your spouse have children from a previous marriage or relationship, your money will need to stretch further than it used to. You'll need to set up a new budget to accommodate the needs of your growing family and consider what new expenses you'll have. You may need to budget for both everyday expenses, such as food, clothing, and child care, and future expenses if you determine that you'll need to save for a larger car or move to a larger home.