A successful career in professional sports usually comes with a substantial leap in income. If you are a divorcing professional athlete (or married to one), do not assume wealth will make the process easier.
Having wealth or valuable property makes many divorces even more complicated. Let’s look at a couple of examples.
Various income streams
Pro athletes earn a salary and bonuses for doing their jobs, but they also have additional sources of income. For example, high-profile companies offer big money to athletes for appearing in their ads. Some athletes have several commercial deals, all creating separate streams of income.
Under Kentucky law, marital property, including income, must be accounted for when dividing property equitably between the parties. As you may imagine, making sense of property division involving multiple income streams is a complex process.
More high-value assets
Most pro athletes enjoy spending their money on luxury items like yachts, fine art and vacation homes. The court must know the total value of assets like these to ensure both parties receive a fair share of marital property.
While it is nice to have luxury items, they can really complicate the financial side of divorce. Spouses must disclose all the assets they own, but when there are many, it is easy to overlook something. Multiple high-value assets can also make some divorces take longer to finalize.
Guidance can help
Support and legal guidance can reduce many complications that often plague pro athlete divorces. Experienced legal guidance does not erase every obstacle you might encounter, but it can help ensure your divorce settlement is fair to both spouses.