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Managing Finances in a Blended Family

Managing Finances in a Blended Family

Embarking on the journey of blended families brings both joy and unique challenges. Navigating the intricacies of a blended family requires careful consideration and planning, especially when it comes to managing finances. No matter your age or stage in life, open communication, and proactive financial strategies are essential for building a strong foundation for your new family’s future finances. In this blog, we’ll explore key considerations for managing finances in a blended family to set the stage for a prosperous and harmonious financial future. 

Blended Family Basics

When entering into a blended family, there are some key items to consider to help navigate potential challenges. Above all, clear communication is paramount.

Clear communication is not only about how you’ll blend your children if you have kids in your marriage but also about how you will manage your finances in this new blended situation. It is important to ensure your wishes are clear to both families within a blended family so they are played out properly in the long run. Having clear communication across a variety of different areas within your life will make the financial planning process as seamless as possible. 

Blended Family Estate Planning

Managing estate planning in blended families can present unique challenges. When entering into a blended family, it is critical to sit down with your new spouse to discuss several important topics, including estate planning. Estate planning is important and can be challenging for everyone, but there can be some additional difficulties and hurdles when it comes to entering a blended family. 

You need to have an honest conversation regarding what would happen if something were to happen to you. This does not only include death. If one of you were to get sick, who is going to make medical decisions for you? Who is going to be able to cash your checks, manage your investment accounts with your advisor, and have that financial power of attorney? In the instance that you were to pass away, it is important to consider where you want your assets divided. Will they go to your new spouse, prior children, or somewhere else? 

While these conversations may be difficult, they are necessary to have with your new spouse when entering a blended family. If you need help getting started with these, reach out to your financial advisor. They will have resources available to help guide you through the estate planning process.  

Merge or Keep Separate?

Again, upfront conversations with your new spouse may be uncomfortable but are necessary so you are on the same page heading for a successful future. Your finances should be part of these conversations, particularly whether you will keep your finances separate or merge them. We’ve seen success both ways, the decision really depends on how you both want to work. 

If you do opt for separate accounts, you will want to be sure to have beneficiary designations on those accounts, have payable on death on your bank accounts, and any other necessary precautions in place so that if something were to happen to one of you, the other would still have access to important accounts. One common approach is to have one house account where you both contribute money to cover joint bills, but then keep your separate accounts for your own mad money. Regardless of what this decision will look like for you, clear communication is key to finding a balance that works for both partners. 

Finding Your Unique Advisor

When entering into a blended family situation, no matter what your age is, you must find a financial advisor who caters to your unique needs. If you’re further along in your career, you may already have established financial habits long before you entered into this new marriage, making it even more important to find an advisor who can work with you to help you reach your unique goals in the long term. 

Blakely Financial’s own Emily Promise is a Certified Divorce Financial Analyst, CDFA®, Institute for Divorce Financial Analysts. With her experience, she can help guide you and your blended family toward a bright financial future together. Contact us today to get started.


Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.