In a recent WSJ Wealth Advisor article, Kimberly Weisul addressed the issue of easing financial tension in a second marriage. She interviewed a planner who was assisting a business owner in a second marriage, who had difficulty managing his own finances with the demands from his first wife, demands from his grown children from his first marriage, and his cash flow needs in his new marriage. The advisor was able to work with the client and his second wife, using proceeds from the sale of a business, and help the client and his new wife put into place a new plan that would honor the client’s prior obligations, honor his new wife and new obligations, and create a sustainable plan for the future. The key, according to Weisul, is ensuring that you talk about these issues with your clients.
MWR
