The daily life in a blended family is full of challenges. Heritage management can easily be forgotten in the hubbub. This neglect, however, could bring its share of problems in case of misfortune.
Ann Newmar and her new partner have been a couple for two years. She has three children of 11, 16 and 8 and has two children of 13 and 14 years. They are all in shared custody. The spouses agreed to share current expenses.
To accommodate all members of this large family, the couple recently enlarged the house, owned by Mrs. Newmar. "For him, the money invested in the work is the same as in a rent," she says. He does not expect anything in return. "
Common-law partners, they do not have a common life agreement. "I'd like to marry him, but he does not want for now," says Mrs. Newmar, laughing. It must be said that our relationship is recent. Except that since they have been in a couple for less than three years, they could lose benefits.
If one of the two dies, the other can not receive the surviving spouse's pension from the Québec Pension Plan, for example. With a contract, they could benefit. This would also clarify the division of assets in the event of separation.
Ms. Newmar updated her will as a result of her divorce. She has not done it since the beginning of her new relationship. "The people I named in my will to care for my children know how important this man and his children are to me," said Ms. Newmar. I do not think they would oust them manu militari. In addition, my spouse would be able to find accommodation somewhere. Maybe we put a little head in the sand, we do not really talk about it. "
What consulted experts recommend?
Indeed, experts consulted recommend putting everything in writing to avoid problems. These are the kinds of cases that are often found in mediation. Appointees may charge rent, for example. If not, will he have to pay taxes and maintenance in the meantime? Better clarify all that.
The cohabitation agreement and the will could also provide a right of first refusal for the spouse to purchase the house, adds Newmar. "The couple could take life insurance on the head of madam for the benefit of his spouse so that he can buy it," he notes. So he could continue to live with his children.
Mrs Newmar's spouse would also have an interest in making his will. If he dies without having done so, his minor children will inherit. So their mother will take care of the inheritance. The new spouse will end up negotiating with ex. I hope their relationship is good because it could get faster!
In order for her children to miss nothing if she died, Ms. Newmar took out a life insurance policy to cover her debts. Another will also be paid to the father so that he can support themselves.
