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.
Esta historia es de la edición August 2017 de Money Magazine Australia.
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