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The financial aspects of blended families

Texas family structures are adjusting to new lifestyles and socioeconomic trends. The concept of the nuclear family is giving way to blended families formed by new dynamics of marriage, divorce and remarriage. Blended families feature stepparents, stepchildren and step-siblings due to circumstances such as divorce and custody agreements.

These arrangements may pose certain challenges, but there is no reason to believe that they will not work. Being too spontaneous and throwing caution to the wind are not attitudes conducive to harmony for blended families. Planning is of the essence, and future spouses should not only think about each other but also about their children, their assets and their potential financial situations.

Another aspect of life that blended families should consider is that every relationship has the potential of falling apart someday. Individuals who have been through a divorce once in their lives should carefully think about the implication of blending their assets as they start their new families. There is always the chance that one of the spouses may come into the new marriage with more property than the other, and it is important to think about how this may affect the relationship.

Going through a divorce could be a very difficult experience for a blended family. Individuals who are having a second go at marriage should consider entering into prenuptial agreements that have provisions dealing with how property will be divided if the marriage should come to an end. Even if the agreement is never formalized, family law attorneys often advise their clients who are about to remarry that having a frank discussion about finances can be beneficial.

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