Guys need to recognize that marriage is the most important financial decision they will make in their lives, and the second most important financial decision is deciding to get a divorce, Cordell & Cordell co-founder Joseph Cordell said on “The McGraw Show” on KTRS Radio in St. Louis.
Cordell was invited on the show by host McGraw Milhaven to discuss why both marriage rates and divorce rates are down.
“The economy is certainly affecting the number of people getting divorced,” Cordell said. “Many divorces are entirely discretionary purchases. In other words it’s not that they can’t co-exist but one of the parties sees a better deal coming along. In my experience, it’s typically women in their 30s who are looking to trade up and they are the ones who initiate divorces.”
Listen to the full interview below:
With the decline in marriage rates, and subsequently divorce rates, related to economic factors, more couples are cohabiting as they delay marriage.
But since many states do not recognize “common law marriage,” cohabiting partners are left with little protection in the event of a breakup, Cordell & Cordell co-founder Joseph Cordell told the St. Louis Post-Dispatch.
As Cordell explains, the law treats ex-lovers like business partners dissolving their company: the only thing that matters is what’s on paper.
So if the girlfriend solely owns the house, it does not matter if the boyfriend helped pay the mortgage if there wasn’t a contract listing him as joint owner. He would have no claim to any equity since oral agreements aren’t enforceable in real estate.
Cordell said cohabiting partners could protect themselves through separate contracts, sometimes called “cohabitation agreements.” But this type of asset protection is complicated and requires a family law attorney’s assistance.
Read the full St. Louis Post-Dispatch article on asset protection.
The Belleville News-Democrat took the launch of Cordell & Cordell’s new asset protection services as an opportunity to feature the country’s largest domestic litigation law firm.
With more than 20 years of service exclusively representing men in family law matter, Cordell & Cordell is looking to further assist guys going through divorce by offering affordable, effective asset protection.
Cordell told the newspaper that the move is a natural direction for the firm to take to further enhance its services.
“Then, we can help those and it gives us opportunities to become more involved with these guys’ lives in advance of litigation and have time to plan to eliminate or mitigate those threats,” Cordell said. “It greatly diminishes the risk.”
Belleville Divorce Lawyer Richard Coffee stressed the importance of proactively protecting your property.
“Unfortunately, legal planning is not one of the things people want to put on that list of things to do, unlike medical or financial planning, which has immediate benefits or some clear consequences,” Coffee told the newspaper. “Legal plans gets pushed aside until something comes up, and often it is too late to do something.”
The firm is currently only offering asset protection in the St. Louis market.
The majority of people begin to consider asset protection planning only after being served with a lawsuit, but by then, it is already too late to shield your assets.
Insurance, trusts, incorporation and retirement accounts can protect you from poverty if you’re sued.
St. Louis Post-Dispatch business columnist Jim Gallagher interviewed Cordell & Cordell co-founder Joseph Cordell and Belleville Divorce Lawyer Richard Coffee about the law firm’s new asset protection business and “Keeping Judgment Hounds At Bay.”
“We’ve been protecting guys’ assets from arguably the greatest menace that might exist out there,” Cordell told Gallagher. He meant their wives.
Now Cordell & Cordell is expanding the practice to help guys protect themselves from other threats – namely lawyers waving judgments.
Read the full article on St. Louis asset protection.
And remember, to secure all that you’ve worked so hard to achieve, Cordell & Cordell now offers asset protection services in St. Louis to safeguard your financial future.
Call 314.725.0000 Or Email Us To Set Up An Appointment