Blended families have enough challenges, so get on top of the money issues as soon as possible
About 20% of Australian families have children from previous relationships. Blending kids into a new relationship isn’t easy and it can take a number of years – at least five, according to the experts – for things to go smoothly.
But it is best not to take so long to sort out the finances. There are plenty of financial tensions among blended family members and it’s a good idea to sort them out as soon as possible.
For a start, consider drawing up a prenuptial agreement that outlines who owns what and who pays for what. But if you haven’t already done one, there is still time for a “mid-nup”. You never know what will happen and you need some clarity about ownership of assets, superannuation beneficiaries and estate planning.
Some of the common tensions in blended families are around paying child support for your kids from a previous relationship while you are married to someone else with kids – it can be a sore point with your new partner. Or your former spouse may be worried that their money is being spent on your new partner’s kids.
Denne historien er fra August 2017-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra August 2017-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
