FINP084 Blended families and money: How to protect assets fairly (678 words)

A consideration of what ‘fair’ means in blended family asset distribution, and a guide to the associated risks of contested wills and how best to avoid them.
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About one in 10 families in Australia is a blended or step family, according to census data, and this trend has increased in recent years. Blended families can work well, but it’s best to aim to avoid any potential problems with the division of money and other assets. These may occur when there are children from previous relationships, a new spouse, shared assets and sometimes former partners in the background, making the question of what is ‘fair’ quite complex.

Here are the most important principles for protecting assets fairly in a blended family.