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Blended families can prepare for the future

Many divorced Nevada parents find each other later in life and plan to come together as a blended family. They will not be alone, as a 2015 study found that 16 percent of children in the United States live in blended families that include step-siblings, half-siblings and step-parents.

When planning to build a blended family, there are major legal and financial considerations for parents to keep in mind in order to protect the best interests of their children. Parents who remarry after years of raising their children separately often have accumulated assets, including real estate and investment accounts.

When joining together in a new marriage, it is important to consider how these assets will be used for the children of both partners. Some families may prefer to fully join all of their finances, while others may prefer a separate yet shared model of financial management and responsibility for the children. Of course, in a blended family, there are other parties who also have a role in the financial situation of the children. Each child's other parent and extended families can be very involved not only indecision-making but also in that child's financial situation. Care and attention to this issue can be important for parents in order to avoid inequality and resentment from growing within the blended family.

A family law attorney can assist parents planning their blended families to develop a legal and financial plan for the future. This can include a prenuptial agreement about premarital assets, including protecting the interests of each party's children. While some families may prefer no written agreement, the open conversations that come from such discussions can be invaluable.

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