Professional athletes face significant physical and mental demands and often have punishing schedules. It is unsurprising that they have an unusually high divorce rate.
Divorce for athletes in Toronto raises unique issues, and addressing these often requires sensitivity and specialized knowledge. The lawyers at The Riley Divorce & Family Law Firm frequently handle marriage dissolutions for professional athletes. We could provide the guidance and advice your case requires.
Athletes can derive substantial income from their image and reputation. Professional endorsements and business opportunities rely on a positive public perception.
Allegations of unsavory behavior arising during divorce can have a negative impact on an athlete’s earnings and future opportunities. Negotiating a final separation agreement prior to a divorce filing can limit publicity and public disclosure.
We could work with you, your spouse, and a mediator to achieve a fair and workable separation agreement. Avoiding a trial and the attendant publicity during a divorce can preserve a Toronto athlete’s earning capacity, ultimately benefiting you, your spouse, and your children.
Couples must equalize their financial benefit from the marriage when they divorce. The equalization amount is based on figures that consider only marital property. Because of the nature of the typical compensation package for a professional athlete, calculating whether compensation is marital property or separate can become complicated and contentious.
Athletes’ employment contracts may include guaranteed compensation, incentive-based bonuses, and deferred compensation that may or may not be tied to performance. Some athletes receive substantial compensation for endorsements and public engagements. Determining whether specific classes of compensation should be treated as marital property and adjusting for tax implications complicates property division.
Compensation received during the marriage is marital property. If a contract was signed during the marriage, there are sound arguments both for and against including future payments within the pool of marital property. Our skilled Toronto divorce lawyers could present a persuasive case in support of the property interests of either the athlete or their spouse.
Although equalization of marital profit is standard, the Ontario Family Law Act s.5(6) permits deviation when equalization would be unconscionable. Shorter relationships, one spouse’s accumulation of excessive debt, and marital agreements are common reasons for equalization deviations.
Financial obligations between spouses do not end with divorce. Ongoing spousal support is often necessary to ensure the divorce does not leave a spouse facing financial hardship. When a Toronto athlete and their spouse share children, child support is a critical element in any divorce settlement.
Spousal support—sometimes called alimony—is not mandatory, but when a spouse can demonstrate a need and the other spouse’s ability to pay, a court may award it. Federal guidelines provide a range of suggested support payments, but for high earners, they are typically a starting point. Courts strive to grant sufficient support to maintain the lower-earning spouse’s standard of living.
Guidelines also govern the child support amount, but they likewise constitute a starting point when a parent has an exceptionally high income. Maintaining the child’s standard of living is a critical factor in a judge’s decision. Our lawyers could make credible arguments for your desired child support amount, ensuring your child maintains the lifestyle they enjoyed before the divorce.
If you or your spouse is a professional athlete, your divorce will be more complicated than most. Divorce for athletes in Toronto often involves navigating complex financial, tax, and privacy issues, which requires specialized knowledge and experience.
You will find that our lawyers at The Riley Divorce & Family Law Firm are knowledgeable, forward-thinking, and fully prepared to help you achieve your goals. We are available whenever you need us, so reach out to discuss your divorce-related issues today.
Now you can have your Consultation with Paul Riley any time from the comfort of your own home. With video calls from Zoom, your Team at The Riley Divorce & Family Law Firm can meet with you virtually, and learn about your case. All you need is a smartphone, tablet, laptop, or desktop with a built-in camera and microphone.
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