Financial tips for blended families

Becoming part of a blended family can certainly be rewarding. Of course, as is the case in all families, there will be challenges, one of which is financial. A blended family must deal with some specific financial issues, so it’s a good idea to become familiar with them.

In particular, consider these areas:

• Separate or joint accounts? – Should your two family units combine all your finances or maintain separate accounts? There’s no one correct answer for everyone, because this issue has emotional and psychological components to it, as well as financial considerations. But the nature of your new, blended family might guide you to a choice that makes sense for your situation.