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Biggest Mistake by Athletes Is Not Including a Prenup

For the rich and the famous, getting married sometimes seems to be a precursor to preparing for a divorce. This thought often makes conversations about a prenuptial agreement difficult and unpleasant, but taking the time to draft this legal document could protect both parties and save them some of the time and stress commonly associated with the dissolution process. Including a prenuptial or postnuptial agreement in a marriage is not only for the wealthy but is also used by various couples in Cincinnati seeking to be prepared for divorce even if they do not see the process in their future.

When an athlete is drafted or a current professional athlete is assembling a name and brand for themselves, it is important that they keep their finances in order. It was reported that one of the biggest mistakes that a professional athlete could make is forgoing a prenuptial agreement. This misstep is often made by rookie athletes who are inexperienced with all the precautions that should be taken.

The legal document not only designates how the property and assets will be divided in the event of the divorce, but details about alimony can be addressed too. Furthermore, clauses could be included that could help keep the matter private. Protecting the name and public image of the athlete is crucial, and it could reduce the impact the divorce could have on the life of both spouses.

The division of marital property and alimony are most commonly addressed in prenuptial and postnuptial agreements, but other divorce issues could be included in the legal document. This not only helps the divorcing couple get through the process with few if any knock-down, drag-out disputes, it could end up saving the couple time and money.

When a prenuptial agreement is included in a marriage, spouses should ensure it is properly drafted and enforceable. Moreover, if a divorcing couple is finding difficulty enforcing the legal document, they should understand their options. Addressing current divorce issues will help them avoid future complex post-divorce issues.

Source: Forbes, "Athletes Winning The Draft Lottery," Russ Alan Prince, July 21, 2014

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