Are you a parent in a blended family or planning to be one? If so, you need to get answers to a lot of financial questions. Blended families face more challenges for getting the marriage to work but getting everything in the open is a big step toward making that happen. Rob talks about that with Ron Deal and Greg Pettys. This is MoneyWise Live - biblical wisdom for your financial journey.Ron Deal and Gregg Pettys are back. They’re co-authors of The Smart StepFamily Guide To Financial Planning and when they were on last month, there wasn’t enough time to cover everything on this important topic so they're back. Rob, Ron and Gregg cover these topics and questions:<ul><li>Last time we talked about the Togetherness Agreement, a binding legal contract that you urge all spouses in blended families to draw up. But to do that, you have to answer some important questions about money first. You have a long list of them on your website, <a href="https://www.familylife.com/familylifeblended/blended-families/">FamilyLife.com/blended</a> so let's go over several of them.</li><li>“What are your financial obligations to your ex-spouse, such as child support and alimony.” Very important to get that out in the open, isn’t it?</li><li>Then there’s the question of additional support for children from the first marriage. What are they?</li><li>If you’re on the receiving end, “How should we use what we receive in child support and alimony?” And, “What do we do when we don’t receive scheduled child support?”</li><li>This is a huge one - “When one of us dies, who will receive the assets brought into our marriage?”</li><li>From a spiritual and relationship aspect, is it okay to ask that things acquired before the marriage are kept separate to give to respective children later?</li><li>“What are the financial plans for your children if you die or be unable to work?” And if you don’t have a plan, you need to get one, right?</li><li>They say you don’t just marry a person, you marry their whole family so the question is, “Do you have any financial commitments to your parents, siblings, or other family members?”</li></ul>Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:<ul><li>What should you do if you and your brother are having inter-family financial disagreements regarding your mother's estate?</li><li>If you wrote up wills when you lived in Colorado but now, you've moved to Ohio, should you update the will to conform to the new state?</li><li>If you're 60 and have two life insurance policies, one, a $100,000 term policy and another, a $100,000 whole life policy and you owe about $56,000 on the whole life that will yield less, how should you determine whether you really still need this?</li></ul>Be sure to check out the rest of MoneyWise.org to connect with a MoneyWise Coach or access our books and our many free helpful resources. You can also find us on Facebook (MoneyWise Media) and join the conversation. Thanks for your prayerful and financial support that helps keep MoneyWise on the air. And if you'd like to help, just click the Donate tab at the top of the page.

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Are you a parent in a blended family or planning to be? If so, you need to get answers to a lot of financial questions. Blended families face more challenges getting the marriage to work. Getting everything in the open is a big step to making it happen.

Questions For Blended Families With Ron Deal and Greg Pettys

FaithFi | Dec 28, 2022

Show Notes

Where Faith Meets Finance

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