Deciding who Pays for the Stepchildren is a Complicated Business in a Blended Family
It is not always easy navigating two families and former spouses, and depending on the custody situations of the children, the financial burdens may be heavier for some parties. Situations are always simpler when former spouses maintain an amicable relationship, but when the are bitter or angry towards each other, they can use money as a weapon to hurt their ex – and unfortunately, the children are often caught in the crosshairs. Emily Bouchard, strategic wealth coach at Ascent Private Capital Management of U.S. Bank, suggests setting up weekly or monthly meetings to discuss expenses for the children and how they will be shared, both with the new spouse as well as the prior spouse. If the former spouse’s relationship is not friendly, it is better to acknowledge that rather than pretend otherwise, but try to find mutual ground for the benefit of the child, she adds. Bouchard also advises to have these discussions when the children are not around and to do so in private and not at a time that will disrupt your family.
Many expenses will come up that are hard to determine years in advance and depend on each family’s circumstance, such as college tuition, wedding plans, and even the child’s first car. But having the discussions and keeping the line of communication open will benefit all parties involved – especially the children.
See Alessandra Malito, Deciding who Pays for the Stepchildren is a Complicated Business in a Blended Family, Market Watch, April 30, 2019.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.