Marriage, Blended Families & Money

Today we’re talking about money. Stop! Don’t run away! Hear us out. With blended families, there’s bound to be talk about money. Whether it’s a savings account for the kids, child support, a prenuptial agreement with a new spouse, or splitting things with an ex – money conversations must be had.

And for many of us, they’re uncomfortable. We’re taught that talking about money is rude or should be kept private, and this often leads us to avoid the conversations altogether. That’s when things get sticky. What if your new spouse didn’t know what child support you paid, despite the fact that your finances are now consolidated? How about that savings account you and your ex started for your child when they were born?

Today, Mike and I will talk about what it takes to have a successful, transparent, and trusting relationship where you can talk about everything. Always. We’ll bring up some thoughts on equality between siblings and how love for a new step-child naturally grows. Tune in to hear our thoughts on true commitment and what really matters at the end of the day.

00:45 – 07:00 – Introducing today’s topic: Money

07:00 – 11:00 – Transparency, trust, and taking responsibility

11:00 – 17:00 – Equality among blended family kids and prenuptial agreements

17:00 – 20:00 – Allowing love to grow and having realistic expectations

20:00 – 25:30 – The family budget and committing to it all with your partner

25:30 – 30:00 – What you really need at the end of the day

Takeaways:

Be transparent, open, and honest from the beginning.
Trust is critical when being transparent.
Money can be an uncomfortable topic; just talk about it and be open!
There should be equality amongst the blended family kids.
Know where you and your partner stand on finances and financial agreements.
Communicate the business of family.
Love grows and evolves; don’t expect it to be perfect from the start.
Get ahead and communicate the tough stuff before jumping into a new family dynamic.
Stick to your agreements accept what comes with debts or child support.
Committing and coming together are part of your marriage agreement.
Remember that money is just a small part of your relationship.
True connection is everything, so keep that as your ultimate goal.
Schedule a family business meeting to discuss all things finances.

Quotes:

“You have to look in the mirror and face the truth.” – Summer
“Communicate the business of family.” – Summer
“Schedule a family business meeting.” – Mike

3 Interesting Clips:

17:45 – 18:36 – On how love grows and having realistic expectations.
19:22 – 19:50 – The big takeaway.
23:25 – 24:09 – On commitment and coming together.

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