Joseph Cordell, Principal Partner of Cordell & Cordell and president of the American Association of Attorney-CPAs, was the keynote speaker at the AAA-CPA Fall Meeting & Education Conference and also participated on a panel about “Prenuptial Agreements – Representing the Economically Dominant and Weaker Parties.” [Read more…]
Cordell & Cordell Austin divorce lawyer Kelly L. Burris appeared on KVUE ABC News in Austin to discuss frequently asked divorce questions about “love legalities” including who gets to keep the wedding ring after a divorce and why prenuptial agreements are not just for the rich. Watch the three-minute video below to learn the answers to those questions and more:
Once seen as an inducement to divorce, and thus a detriment to marriage, prenuptial agreements are now treated as a strength for marriage, though they are not for everyone, according to Joseph Cordell’s latest column on HuffingtonPost.com.
“There’s a popular perception that prenuptial agreements are a cynical way to enter into a marriage,” Cordell wrote in his post “What You Need To Know About Prenups.” “It’s true that prenups recognize the possibility of divorce, but with roughly half of all marriages ending in divorce you would be ignoring reality if you didn’t attempt to protect your interests before tying the knot.”
In general, there are four factors to consider when deciding whether you should pursue a prenup.
1. Age of the parties: the older you are, the more likely you need one.
2. Children from a previous relationship: a prenup is always a good tool to protect the financial future of children from prior marriages or relationships, but these agreements are not allowed to regulate issues relating to children of the future marriage, such as child custody.
3. Presence of substantial assets: the more assets you have, the more likely you need a prenup.
4. Disparity of assets: if there is a large disparity in assets between the two parties, then you want a prenup.
Read more about prenuptial agreements and whether such an agreement befits your situation on HuffingtonPost.com.
The marriage rate is at a record low as more couples are choosing to delay marriage and cohabit instead, according to the Pew Research Center.
Cordell & Cordell co-founder Joseph Cordell discussed this trend on the “Marriage Meltdown” special on KPLR 11 TV in St. Louis.
“There are no laws to protect and men and fathers in cohabiting relationships,” Cordell said. “Bottom line is it’s hard to protect yourself in a cohabitation scenario; there is no stability.”
For those couples that do marry and want stability, prenuptial agreements are becoming more common particularly for older couples with more assets and those on second marriages. The problem is there is still resistance from the younger generation to move forward with a prenup.
“People under 35 traditionally have fewer assets and are just starting out in their careers,” Cordell said, “so it’s harder to persuade them to realize that if they get divorced say 15 years from now, virtually everything they own in this world will now be in a partnership that belongs to the other half.”
Marriage contracts are something that some couples are hesitant about signing prior to their union, but doing so may lead to less pain and a more organized split if this ends up happening, according to the Huffington Post.
Prenuptial agreements can help a couple easily decided how the asset division will work in the event of a death or a divorce. This can help to limit the amount of pain and time that is spent on distributing property and belongings if a split does occur.
Lee Block, writing for the Huffington Post, recommends that couples consider inserting a protective clause into their contract or prenuptial agreement that outlines financial support in the event of a divorce.
This will help to establish conditions upon the termination of the marriage, and if these aren’t met, the individual will have documentation that can provide additional legal recourse in the event of divorce, noted Block.
“If you’re entering into a prenup, it’s only smart to have your own attorney take a look at it and make sure you’re protected,” Block advised in the column.