When a person marries someone with children, there can
be some unexpected implications. Marrying into a full-fledged
family can be a difficult transition for all, emotionally
and financially; therefore, having a money management plan
is a necessary part of marriage preparation.
As a married couple, children are your joint-responsibility
even if they biologically belong to one spouse. Therefore,
a couple may wish to open a joint bank account from which
to pay for any expenses related to the kids. While a budget
should be created well before the wedding date, a married
man and woman should sit down together periodically and
modify the budget, as necessary. The expenses should be
reasonable, however; otherwise, one spouse may end up wishing
that they had signed a prenuptial agreement.
If the parent collects child support, then this money should
go into the joint household account. Alimony, on the other
hand goes into the parent’s personal account. If contributing
to the children’s expenses is an issue for the non-parent,
perhaps the couple should receive premarital counseling.
If the couple is already hitched, seeking marriage advice
from a financial planner will help the husband and wife
to settle any differences or misunderstandings.
