Many Ohio residents who have remarried know how important it is to make good financial choices as one union ends and another begins. Some of the most crucial decisions they can make involve planning for the futures of their children and their retirement.
It has become more common for partners with children from previous relationships to marry, and a 2015 study by the Pew Research Center found that 16 percent of U.S. children were living with a step parent or sibling. When the parents of children from prior relationships enter a new marriage together, it is essential that they discuss the care of their children. Financial decisions involving children sometimes include how much to save for college as well as whether and how both parents plan to provide for each other's offspring.
Even if parents are unable to completely cover their children's college tuition, there are other options available to students. However, there is no guaranteed replacement for retirement savings. Newly married spouses must discuss their options for saving towards retirement, and after making a plan, they must put it into action. These discussions are different for partners who have been divorced before, because alimony and child support could be factors that influence how much they are able to contribute towards retirement.
After a divorce, some people who are entering a new marriage might not be aware of the legal aspects of their finances. Those who are receiving alimony may not know that it will likely end upon remarriage. Talking to a lawyer might be useful for people who have questions about how their finances will be affected when their status changes.