First order phase transitions may occur in several magnetic systems, with two structural phases having different magnetic properties each and a structural transition between them. Here, a novel physics based phenomenological model of such systems is proposed, in which magnetization is represented by the volumetric amounts of ferromagnetism (described by extended Jiles-Atherton theory) and paramagnetism (described by the Curie-Weiss law) in respective phases. An identification procedure to extract material parameters from experimental data is proposed. The proposed phenomenological approach was successfully applied to magnetocaloric Gd5(Six Ge 1−x)4 system and also has the potential to describe the behavior of Griffiths phase magnetic systems.