Joseph Cordell’s advice on prenups

The single largest business transaction that most people will go through is their marriage vow, according to Joseph Cordell, principal partner of Cordell & Cordell.

So why do so few people enter into a marriage without a prenuptial agreement?

“They’ve never really gained a lot of momentum in our culture among those financially below the very upper echelon. Usually, first marriages involve young couples who don’t have a lot of assets or children so they feel a prenup is addressing something that is entirely speculative,” Cordell said while appearing on the radio show Dresser After Dark with Michael Ray Dresser. (Listen to the full interview.)

When you get married, you are essentially becoming business partners that encompasses not only all the assets you currently posses (though there are exceptions of course), but also including every single dollar you make going forward, according to Cordell.

“It’s a huge deal, and most people head into marriage without realizing it’s the gravest financial decision they will every make,” Cordell told Dresser.

Cordell appeared on the program to discuss his new book, “The 10 Stupidest Mistakes Men Make When Facing Divorce.” 500,000 men face divorce each year and most will make irreversible mistakes.

“This is an area in which men can least afford to make mistakes because they are in a court system that is set up against them,” Cordell said.

Click the link to listen to the full interview.