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Original poster

Blended family - how to split finances

29 replies

Justworkingitout · 24/01/2024 09:47

How do you split finances in a blended family and what do you do about assets from before the relationship and inheritance? My partner and I live together (not married but engaged) and we each have teenage children from a previous relationships. He earns a lot more than me but I have more assets (from before I met him). For those of you in a similar situation, how do you manage your financial affairs?

OP posts:
Original poster
Justworkingitout · 25/01/2024 19:58

Coffee473 · 25/01/2024 19:13

You are right, the deed of trust, which we have does exactly that. For us, the children only get it when we die. So, for example if I died first, DH can live in the house, sell it if he wants to and use the money to buy another house. But when he dies, my half still goes to my DC and his half goes to his DC. That is for the house we are living in, I imagine you can do the same for other assets?

Eg MIL’s second husband put in his will that she would continue to receive the income from his rental property after he died, but when she died the property went to his kids.

I would suggest you go to a solicitor, tell them what you want to happen after you die, and get advice on the best way to ensure that happens, as much as you can.

Show quote history

So, we have our wills sorted separately with exactly that wording so it’s reassuring to know we are both protected in the event one of us passes away prematurely yet ultimately are respective children will inherit when they turn 25. But we just need to work out day to day costs and what is most fair for both of us bearing in mind our unequal earnings but also the amount of time our respective children are here. But I do feel sad that I can’t, say, take my kids on holiday any more but my partner could potentially take his kids away yet we are this ‘blended’ family. It’s so complicated 😢🤷🏻‍♀️

OP posts:
ShyCat · 17/05/2025 10:36

Hello, can you help. My wife and I have been together for 8 years. I have a son from a previous marriage and my wife has no children but has nieces and nephews, 5 in total. We have started talking about making a will due to us having assets and savings. We put our money together and have savings that we have saved together. Our assets amount to about the same, not including what we will inherit from our own parents. Can I ask people’s thoughts on how to distribute finances, my wife would like to leave her half to her nieces and nephews, I can’t help but feel a little saddened by this as I thought we were building a life together for our little family. I obviously would like to leave it to my son but with a percentage to go to her nieces and nephews so she is still giving them something when she dies. What do other step families do? Any advice would be greatly appreciated.

Wallywobbles · 17/05/2025 10:51

I’m the higher earner. I pay for everything that allows me to live life to my previous standard. If the money runs out DH chips in. We both have a separate mortgage on the house (not UK). He pays for the cars maintenance and all insurance.

Wallywobbles · 17/05/2025 10:53

@ShyCatcan I recommend that you start a new thread for your question. You’ll get more help.

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