Divorce Mediation for Pro-Athlete
If you are a professional athlete, chances are that you have quite a bit to lose if the divorce proceeds to court. These records will become public record and in many cases the divorce will be publicized in various media outlets, and in today's world, social media outlets.
It is unfair for professional athletes to be seen as something other than a normal human being. Everyone still has the same issues at home than anyone else, and these issues can lead to a divorce. We don't approach our mediation cases with professional athletes or other high-profile individuals any different than another client that we help. There is always one goal in mind, to keep the divorce private and discrete, and work to a mutually beneficial agreement so you both can move on with your lives.
For a free consultation or to learn more, please fill out our "Start Evaluation" form or give us a call!
In many cases, professional athletes get married before they have made larger sums of money in today's lucrative contracts. An individual may have married their college sweetheart or even their high school sweetheart, and as the years have continued on you both have grown and your personal goals may have gone in different directions. In some cases it is deemed as "rewarding the person who was there all along", and that is a very admirable trait.
Unfortunately, marrying at a young age can also leave an individuals finances unprotected. While the salary may be very lucrative, the reality of a divorce settlement may also seem like something out of fiction.
Pro-Athlete Divorce Examples
Let's use the divorce case for Michael Strahan (Former NY Giants Defensive Lineman). When his 2nd wife and him divorce, she received a settlement of a whopping $15 million, with $18,000 / month in child support payments.
At the time this decision was determined as fair and equitable by the New York State Family Courts, but that doesn't mean it represents the best interest for him.
In a New York Post Article regarding athletes and their trouble finances, Adonal Foyle (a former NBA player), wrote a book about athlete's unhealthy finances quoted that NBA players have an 87% divorce rate (statistic unverified).
Time Magazine did an article discussing that most famous athletes are subject to hefty settlements in a divorce. Michael Jordan's settlement with his ex-wife was $168 million..
This is an absolutely incredible amount of money and that was just a few examples of the many divorce settlements athlete's have had to face. If only they had the proper foresign to seek legal advice before walking down the aisle things may have worked out differently.
While contracts in today's world may seem very lucrative, it is very surprising to learn from studies that show 60% of athletes end up in a finacial crisis within 5 years after they retire. Meaning, a majority of an athlete's ability to make money while in their prime, is more than 1/2 the lives ahead of them.
No matter what sport, NBA, NFL, NHL or whether you are a starter or on the bench, it is very crucial that you find legal representation in the case of a divorce. Pro-athletes should consider entering in to a prenuptial agreement with their future spouse to protect their earning, and to protect themselves in the later years of their lives with they aren't able to earn the financial earnings they once received.
If any individual is looking to get a divorce out of court, divorce mediation is a great alternative to letting a judge decide the outcome. We also help pro-athletes with pre-nuptial agreements, while they may seem like a very uncomfortable conversation, you will be protected.
------------------------------------
Sources:
