Joe Cordell Talks Asset Division With Money Radio

Joe Cordell Talks Asset Division With Money Radio

Money Radio on divorce and taxesCordell & Cordell Principal Partner Joe Cordell recently joined Phoenix Money Radio’s “Business for Breakfast” to discuss the particulars of asset division during divorce.

While there are plenty of variables that will impact each divorce individually depending on different laws and circumstances, there are some general rules that give an idea of how a divorce will affect someone financially.

Generally, Mr. Cordell said, he tells clients to assume there will be a 50-50 division of the  marital assets, which is anything the parties have acquired from the outset of the marriage.

“It also includes, to the surprise of many people, anything that either party earned individually during the course of the marriage,” Mr. Cordell said. ” … That means if you have one earner who makes three to four times what the other party does, then they may end up contributing 80 to 90 percent of the total assets, yet those would all be marital.”

Mr. Cordell added that essentially any retirement account accumulated during the marriage will also be regarded as a marital account.

Although he tells his clients to assume a 50-50 split of assets, Mr. Cordell noted there are exceptions based on a variety of factors.

“That percentage can swing 10, 15 percent, sometimes 20 percent or more based upon factors such as the party’s earning power,” Mr. Cordell said. “Sometimes marital misconduct is still a factor in a minority of states. So there are other factors that can affect that distribution.”

Listen to the entire interview below.

About Shawn Garrison

Shawn Garrison is an Online Editor for Lexicon, focusing on subjects related to the legal services of customers, Cordell & Cordell and Cordell & Cordell UK. He has written countless pieces dealing with the unique child custody and divorce issues that men and fathers face. Through his work on CordellCordell.com, CordellCordell.co.uk, and DadsDivorce.com, Mr. Garrison has become an authority on the complexities of the legal experience and was a content creator for the YouTube series “Dad’s Divorce Live” and additional videos on both the Dad’s Divorce and Cordell & Cordell YouTube channels.

Mr. Garrison has managed the sites of these customers, and fostered the creation of several of their features, including the Cordell & Cordell attorney and office pages, the Dad’s Divorce Newsletter, and the Cordell & Cordell newsletter.