Marriage and Money

Financial Advice for Blending A Family

Any couple getting married has a lot of adjustments in their future, but couples with existing families have even more. From combining homes to updating estate plans, there is a lot to consider.

His, Mine and Ours: Financial Tips for Second Marriages

Marriage can be a tough transition. It's not easy to go from thinking like a “me” to a “we.” And it gets more complicated the second time around - when you and your fiancé have established households, families and financial plans. To blend your households while still protecting your separate lives, there are a few points to keep in mind.

Merging Homes

Figuring out where to live will be one of your first major decisions as a couple, and there's a lot to consider. Would you live in either of your current homes or do you need to move, maybe to something larger? If you both own houses, will you sell the extra property or would it be better to keep it as an investment? If you buy a new house, will you take out a mortgage together or only in one person's name, probably the person with better credit?

You should also keep in mind that moving can impact where your children go to school. If you change districts, your kids would likely have to transfer.

Merging Finances

Combining your finances can also be tricky since you both are used to managing things on your own. Do you want to combine your money or would you prefer some independence? Maybe you could each keep a separate bank account and split the bills.

It's also important to clearly lay out both your budgets and see if you agree on spending. Having separate families also means you have more to consider. For example, if one spouse has adult children, how do you feel about giving them money out of your shared accounts? It's important to start thinking of these things ahead of time so they don't turn into bigger issues down the road.

Life Insurance and Estate Planning

If you have young children going into the marriage, you should take another look at your plan for what would happen if you died. Who is currently set to be the guardian of your young children? Do you want your new spouse to assume this role? If so, you need to update your will.

For your property, do you want your spouse to be the person who inherits everything with the plan they will take care of your children? Another option would be to set up a trust fund for your children. You can set up this type of account to receive all the money from your property and life insurance after you died. This account would give your spouse money each year to help raise the kids, and then your children would inherit whatever is left once they become adults.

Prenuptial Agreements

It's not pleasant to think about your upcoming marriage possibly , but if you have children and assets to protect, you need to prepare. A prenuptial agreement might be the way to protect everything. This agreement lays out what will happen to your assets after a divorce. This would limit how much would go to your ex-spouse and leave more for you and your children.

Was this article helpful?

This article is for information and educational purposes only; does not necessarily represent the opinion of Protective Life; and, is not intended to serve as financial advice but, instead, to supplement other information specific to your situation. For information about Protective Life and its products and services, visit

Blended Families and Finances: Smart Tips for Financial Planning the Second Time Around.

At Protective, we believe the more you understand best practices for money management of blending families, the stronger your financial future will be. That's why we provide educational information on merging lives, finances and families. What options should you consider? How does a prenuptial agreement fit into the picture? What about sharing bills and adjusting a will? Should you buy a house together? How do you protect the assets you bring into the marriage? There are so many issues to consider and decisions to make. Our goal with this article is to outline just some of these issues and items you need to consider as you move forward. And if your situation is complicated, we always recommend that you speak with a financial advisor about your personal situation. They will be best suited to helping you walk through the issues with financial planning and second marriages for your specific situation.

There's More Information on Marriage and Finances at Your Fingertips.

On this website and in our social communities, you'll find other information that will help you educate yourself about preparing for one of your most cherished life celebrations. Whether you want to know what financial questions you need to ask your fiancé or you're trying to plan for a wedding on a budget. Take a look at these articles for some helpful things to consider.