When Kentucky residents who have children from a previous marriage decide to join households with a new partner, there are a number of things that must be considered. Money is a frequent source of conflicts in relationships, so a couple should talk about their attitudes toward money and how they plan to save and spend. They should talk about their long-term financial goals and what they want for their children as well. This may include discussion of how to pay for college educations. Ex-spouses and grandparents may also be a factor in these discussions.
Both people may be bringing significant assets into the relationship. For example, each person may own a home. It will be necessary to decide what to do with both homes and who will have ownership of the remaining one if one is sold. Couples will also need to consider issues such as the different needs of their children. Other considerations are whether bank accounts and investments will be kept separate or commingled.
People may want to consider creating a prenuptial agreement. This is a document that requires full disclosure and an extensive discussion about finances. Therefore, having a discussion about it can be a valuable exercise even if the couple never takes the step to make it official.
Blending families may require negotiations with the ex-spouses as well. There could be changes in spousal and child support as well as custody and visitation. If one person receives spousal support, this generally ends on remarriage. With the financial situation changing, child support amounts may need to be renegotiated. This may be done in court, but a couple might also agree to a change between themselves and have a judge approve the modifications. The legal process is still important because without a court order, a parent will continue to owe the same amount.