3 Simple Tips for Merging Finances in a Blended Family
A second marriage can create unique financial challenges, as combining two families often means combining two different financial streams. For example, couples from different income brackets may have different strategies and ways of handling their money. Even if they come from similar backgrounds, couples might also have different views on savings strategies, allowances, gifts, etc. Read on as AOG Wealth Management, Great Falls, VA investment management professionals, provide information to help you overcome these obstacles.
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Make Sure That You and Your Partner Are on the Same Page: You need to communicate openly and honestly with your partner about your financial goals and strategies. You both need to come to terms with each other’s values about money as you work together to develop a new plan for your blended family.
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Be Consistent and Use One Set of Rules: You and your spouse need to present a unified front to your children, backing each other up if there are disputes. To help you develop your blended family’s new financial rules, consider working with a wealth and asset management advisor. We can create a plan to help you meet the financial objectives you have for your family.
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Hold Family Meetings: Blending two families is a big life change. The children may be used to different financial and house rules. Ideally, you should discuss the new set of rules together with your partner and children.
We assist high-net worth companies, endowment funds and individuals with our wealth and asset management services. We provide our clients with unique, tax-efficient strategies and investment solutions tailored to their specific financial objectives and circumstances. This allows us to better assist our clients with achieving their goals. We serve many areas, including Washington, DC and McLean, VA. Call us at (866) 993-0203 to learn more and to receive a complimentary consultation.