BUDG023 The balancing act of blended family finances (596 words)

This article addresses the financial decisions involved when combining two families. It uses a case study and discusses the topics of assets, debt, children, savings, life insurance, superannuation, budget and wills. It ends with a call to action to see a financial adviser.

When Jack and Sarah met through mutual friends, they hit it off immediately. Both had previously been married and, besides having a child each, found they had quite a lot in common. 

Dinner dates quickly morphed into family-style outings with their children, to the zoo or adventure theme parks, and soon the couple was talking about taking their relationship to the next level.

According to the Australian Bureau of Statistics, in 2018, over 118,000 marriages took place in Australia. Of those, 15.7 % were second marriages. Many of this number were considered ‘blended’, meaning that one or both parents had children from previous relationships.