- Discuss your financial plans with both your new partner and adult children
- Update your will to reflect your new family situation
- Consider your dependants and whether you need to upgrade your insurance
A second chance at love deserves to be celebrated. However, bringing together two families can lead to a myriad of challenges. Parents understandably tend to focus on the emotional impact of this transition on their children, but it is also important to consider how it can affect your family’s finances.
If you are contemplating a second marriage or cohabiting with a new partner, and have children from a previous relationship, there are several steps you should take to make sure everyone’s needs are met.