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.
Bu hikaye Money Magazine Australia dergisinin August 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Money Magazine Australia dergisinin August 2017 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Is the public market shrinking?
Australia needs a healthy stock market to give companies access to funds and to allow retail investors to build wealth.
India: three steps to transformation
Massive investment and extensive reforms turbocharge the economy.
The ballet of business
Changing direction, products, models and marketing is a hard task for a business. We chart what it takes to turn a business around, plus profile four successful pivots.
Save money and the planet
Could the high cost of living give us the incentive we need to reduce how much water and energy we use or waste? These eco-friendly household tips will help you do just that.
AI adoption is the new black
Artificial intelligence is set to reshape the commercial world, and small enterprises can’t afford to miss the boat.
Spam attack! Murky laws jam our inboxes
Unwanted marketing material is one of the pain points of modern life.
From rags to riches in style
Rich Tran sported a bowl cut until he was 14 years old and had no intention of becoming a hairdresser.
New work deals are killing the 'old' office
The Covid pandemic and the subsequent lockdowns accelerated the trend to more people working from home. It was a mixed experience.
Points taken: the truth about rewards
Can hopping between credit cards really boost your frequent flyer haul and give you cheap or free travel - or is it doing more harm than good behind the scenes? Money puts it to the test.
Shortcuts to own a home
Innovative ideas with a focus on low costs and sustainability could help solve the housing crunch.