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Joe Cordell Shares The Truth About Prenups With Huffington Post

prenuptial agreementOnce 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.

Joe Cordell On Bobby Petrino, Marital Misconduct

Joseph CordellCordell & Cordell co-founder Joseph Cordell appeared on Yahoo Sports Radio Network to discuss disgraced football coach Bobby Petrino’s case and how marital misconduct impacts divorce for men.

Petrino, a married father of four children, was fired as head football coach at the University of Arkansas after he covered up he was having an affair with Jessica Dorell, a 25-year-old Arkansas athletic department employee whom he hired. Their affair was revealed after Petrino and Dorrell were involved in a motorcycle accident.

“Whenever you have misconduct like this it has effects that ramify throughout the entire case,” Cordell told host Craig Shemon. “There is potential civil liability of which a judgment could affect marital assets. Dissipating assets, such as giving $20,000 to his girlfriend as has been reported, is also frowned upon by family law judges.”

Listen below to Cordell’s full interview with Yahoo Sports Radio Network:

Joe Cordell To Huffington Post: Pay Attention To The Marriage Contract!

Joseph CordellCordell & Cordell co-founder Joseph Cordell is featured on HuffingtonPost.com for his viewpoint that guys do not appreciate the extent and comprehensiveness of the marriage contract that essentially means all of their assets become hopelessly commingled once they are married.

“The single most important economic decision a person will make during their lifetime is deciding to say, ‘I do,'” Cordell writes. “The second most important economic decision a person will make is deciding to say, ‘I don’t.'”

It’s likely one of the spouses in a marriage will contribute disproportionately more in assets to the marital partnership, yet all that income, property, and assets become merged into one marital pot where the lesser contributing spouse is now entitled to half.

So what should men do to protect their assets? Read the Huffington Post article: Careful Marriage Contract May Facilitate Less Painful Divorces.”

Protecting a business during a divorce

The process of divorcing a spouse can often take more than an emotional toll on the individuals who are involved, as assets can get tied up between the spouses during the split, hurting a business if one exists.

Forbes provided an example with what could happen to a business during a divorce.

According to the news source, if a business is worth $6 million prior to marriage and is worth $12 million following the split, the former spouse of the owner could be entitled to half or more of the $6 million appreciation that occurred while the two individuals were together.

This asset division that favors the former spouse instead of the business owner can be prevented by the use of a marriage contract or a prenuptial agreement.

Forbes reported that a proper contract that is signed at the beginning of a marriage can prevent the $6 million appreciation from going to the spouse who doesn’t have any ownership, as the pre-marital property does retain its character during the marriage due to the right legal documents.

This may be a wise move, considering the divorce rate is 41 percent for first marriages in the U.S., according to Divorcerate.org.

Determining who gets the house in a divorce

The process of divorce is often hard on the involved individuals and their families. This can be exacerbated by having to split up the assets, and more specifically, the house in which the associated people live.

Many times, the mother will be given the house due to her role as the custodial parent. This granting of custody occurs for women in more than 82 percent of all cases, according to the U.S. Census Bureau.

The Wall Street Journal reported that both individuals should contact attorneys before taking any drastic measures, including changing the locks or removing personal belongings from the residence.

According to the newspaper, the permanent housing arrangements are usually selected based on the best interests for the children. Many times the husband will voluntarily leave the residence before this decision is made, and the court will grant the wife the home out of a matter of convenience.

The husband may lose out because of the court’s inclination towards siding with the mother, but he should stay calm and not react angrily, in an effort to remain close with his children.