Dietz Family Law PLLC - Divorce

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Quality Family Law Representation
“BECAUSE IT MATTERS”

Property division and pro-athletes: What you should consider

On Behalf of | Mar 11, 2022 | High Asset Divorce |

As a professional athlete, you have had an excellent opportunity to earn a substantial amount of money during your career. When you got married to your high school sweetheart, you didn’t think about a prenuptial agreement or arrangement to protect yourself.

Now, you’re in a position where you could lose a significant portion of your wealth as your spouse divorces you. That’s frustrating to you, because you’ve worked hard to get where you are today. You don’t necessarily think it’s fair for your spouse to get half of what you’ve worked for, especially since they have a well-paid job.

What can you do?

Collaborative divorce may be a good option for you

Instead of thinking of your divorce as a kind of battle or argument, look at it as a simple business arrangement. You’ve worked together to build your marriage and collect the assets you have today. It is reasonable for you to want to protect what you feel is yours, just as it is respectable for your spouse to want to get their fair share of the assets that have been earned over time.

In Kentucky, the state follows equitable distribution rules. The state considers factors like your financial situations, how long you’ve been married and each person’s contribution to the marriage when determining how to divide property. You may also want to consider the current lifestyle you lead and how the divorce may impact your spouse’s ability to continue doing the things they did during your marriage, like seeing friends or living in a particular community.

Collaborative law gives you time to talk and agree on a resolution

It’s usually not a great idea to allow a court to have the final word on the division of your assets. Instead, collaborating with your spouse will give both of you more control over the process and help you customize an agreement that works for you. For example, you may not want to divide your property 50-50, but your spouse may be happy with a 40-60 split because of the value of your estate. With collaborative law, you get the opportunity to discuss those kinds of options.

Your complex marital estate could make dividing your property tough, but if you’re committed to working out a solution, you and your spouse can work together to put together an ideal settlement.

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