Maria & Chase

Dual Executives & Newly Blending Family

Background

Chase and Maria are getting married in the future and blending their families. They each are working with separate financial professionals shared with their ex-spouses and decided its time to begin dreaming and planning together and a fresh start.  Chase is 45, a Sales Executive at a technology company with a college freshman son and high school sophomore daughter.  Maria is 37, owns a lawfirm and has a 7th grade daughter.  They would like to have one child together soon.  Chase will be selling his home and Maria moving out of the rental and ideally building a new home together.  This could get complicated.

Goals

  • While they have roughly talked about goals they wish to formally plan these out, discuss finances, savings rates, investments and create a new financial plan.
  • Finalize budget for new home, begin planning and obtain financing as needed. Determine if both current residences be kept during the build and/or a temporary arrangement is needed.
  • Consider terms for their pre-nuptial agreement
  • Update estate planning

Challenges

  • Their net worth and financial situations are substantially different going into the marriage. Maria had to give up nearly all other assets to keep 100% ownership of the lawfirm in her divorce.  Chase inherited the family lakehouse a few years ago and kept it for emotional reasons, but it has been a financial strain given the support he needs to pay to his ex-wife.
  • Chase has some debt with his ex-wife that he does not want to burden Maria with who worked hard to become debt-free after her divorce.
  • Due to some matters with ex-spouses both Chase and Maria are concerned about exposing each other’s financial information. They want help in how to file taxes and setup accounts to account for this situation.

Approach

Having blended family and divorce experience we can facilitate financial conversations on these complex topics with Maria & Chase and dreams for their new family together. We can also ease the financial transition from their previous advisors and create a fresh financial life plan with them.

All scenarios and names mentioned are hypothetical examples and have been created for educational purposes. Any resemblances are co-incidental.
The information presented should not be used as the basis for specific investment advice.