The travel, the stress, the money—all of it combines to push many athlete marriages past the breaking point. When a high-profile athlete gets divorced, social media and TV can be merciless. This makes the situation even harder as details of the marriage hit the headlines.
Professional athletes should strongly consider creating a prenuptial agreement before tying the knot. The prenup can help shield your assets, endorsements, signing bonuses and other property. Plus, it can include confidentiality provisions that keep your situation as private as possible.
4 Things Your Prenup Should Address
Every pro athlete’s needs are unique, but over the years our attorneys have found that these four things are among the most important to address in a prenuptial agreement:
- Contract income: Athletic careers are notoriously short, and the end is never more than a concussion or Achilles tear away. Your prenup should protect your contractual income, including guaranteed and non-guaranteed money. Plus, you should choose an attorney who is willing to work with other members of your team (such as your financial advisor) to make sure all contractual income is understood and accounted for in the prenup.
- Endorsements, media and other off-the-field income: Today’s athletes are entrepreneurs and brands, not just players. Your brand can last far longer than your actual playing career, so you want to protect any income streams that come from outside your playing contract. Your prenup should account for potential income from broadcasting, streaming, endorsements, business ventures and other off-the-field sources.
- Assets: Texas is a community property state, which in general means that any asset or debt acquired by a couple during marriage is equally owned by both spouses, no matter who paid for it. If you go to divorce court, the judge would assess bank accounts, homes, jewelry, investments, cars and all other property, then divide it as they see fit under the law. Using a prenup, you can avoid this process by specifying who gets what if your marriage ends. This puts you in control of your own property rather than leaving it up to a court.
- Privacy: High-profile divorces can’t fly entirely under the radar anymore. Yet, you can use a prenup to preserve a good deal of your family’s privacy. A prenup should include a non-disclosure agreement (NDA) that prevents your ex from leaking details to the public, whether through their own social media, on the radio or anywhere else.
Get In Touch With a Texas Professional Athlete Family Lawyer
Here at Albin Oldner Law, our Dallas-area firm is available to create premarital agreements for athletes, executives and coaches from the Cowboys, Mavericks, Stars, Rangers, Astros, FC Dallas and all other Texas teams. To discuss your situation with our lawyers in Frisco or Plano, please call (214) 423-5100 or send us a message.