Handling projects files in a distributed group environment

I am curious what strategies teams are using to keep their project files in sync and changes from being lost (ie: blueprints).

We’re a small team of four working out of our homes. Three of us are developers with experience using git for other projects (mainly web). So our plan was to continue using git for our first UE4 game. However, I noticed that blueprints are binary files, so changes will not be merged but instead replaced. My worry is two of us will create git branches for our own tasks, that require a change in the same blueprint, and whoever merges their branch first will lose his changes when the second person merges. I’ve been searching around but have yet to find an answer, except that there is a diff tool available but it looks like it doesn’t support merging.

What are other teams doing in these situations? Do you have a process setup so only one person will modify a blue print at any time?