The life of a professional athlete can be glamorous, but they face the same relationship issues as anyone else. When these couples break up, the support of a compassionate high-asset divorce lawyer at The Riley Divorce & Family Law Firm could be invaluable as our team is experienced in handling divorce for athletes in Kawartha Lakes.
When you are a professional athlete or are married to one, it is vital that you have a clear understanding of your rights related to the divorce process. The end of a marriage is never easy, but it is crucial to protect yourself when substantial monetary assets are involved.
One of the benefits of a successful career as a professional athlete is that it can be lucrative. However, it can also result in additional challenges with a divorce. There are unique financial issues that successful professional athletes in Kawartha Lakes might face that may not come up for divorcing couples without substantial assets. Some of these issues involve property that is difficult to place a dollar value on, like rare art or commercial real estate, or liquidating certain property for equalization payments.
The life of a professional athlete often involves living in numerous territories and countries. The pursuit of playing professional sports could lead an athlete and their family to relocate from elsewhere in the country or the world.
One complex issue to consider is that not all marital contracts executed in other jurisdictions will be upheld in Ontario. That can lead to serious financial consequences as the equalization payments to a former spouse can take a substantial portion of an athlete’s earnings.
When it comes to divorce for athletes, the key issue here is whether the prenuptial agreement would have been legal had it been executed in Kawartha Lakes. This means having the agreement in writing, as well as ensuring each party signed it in front of a witness. A court will ignore aspects of these agreements that would be illegal, specifically those that attempt to award parenting time or child support rights.
There are many mistakes worth avoiding when it comes to divorcing athletes in Kawartha Lakes. Some examples include the following:
Most of these problems could be avoided with the right team behind you. A skilled lawyer from our firm could give you the best possible chance at a fair outcome during your divorce proceedings.
When you are considering the end of your relationship, it is important that you protect yourself. This is particularly true if you have substantial assets and are a high-profile athlete on the professional level.
Divorce for athletes in Kawartha Lakes can be difficult, but having a diligent lawyer on your side could make all the difference. Our team is available 24/7 for assistance. Call today to discuss your options during a private consultation.
The Riley Divorce & Family Law Firm
