Many professional athletes make smart decisions with their money, but of course the media is only concerned about reporting the absurd outliers. This means that professional athletes are often stereotyped as being irresponsible with their wealth – buying expensive cars and mansions and being left with no long-term savings. This is made even worse by the fact that many athletes only play for a handful of seasons before they must retire from the sport.
If you’re a professional athlete who is getting divorced, members of the public may not be aware that you have substantial assets. Athletes who aren’t flashy with their money just don’t draw as much attention. But this doesn’t mean that you won’t have to deal with the concerns of a high asset divorce, which are made even more complicated when you have children. Here’s what the courts expect of you regardless of what you’ve done with your marital assets.
Division of Marital Property
Unlike most divorces, high net worth divorces come with myriad complex financial assets: real estate holdings, businesses, investments, retirement accounts, high value personal items, and more. Your athletic contract must also be addressed at this time. Since many contracts stipulate that athletes only have an expectancy – not a guarantee – of receiving future income, your NJ divorce lawyer for pro athletes may successfully argue that this contract should be considered separate property. Otherwise, your future income may be considered during the division of your property.
Child Custody for Pro Athlete Dads
The ball is really in your court when it comes to child custody (no pun intended). Until recently, fathers were not as likely to receive joint custody. This was largely due to many judges’ beliefs about the importance of keeping a child with her mother after a divorce. Now we know how important it is for kids to have time with both parents. Any loving dad who wants to seek joint custody should have a fighting chance, regardless of his career.
Custody is about what is in the best interest of the child. Does the child have an established life with friends and extended family in one city? The judge may prefer he stay with the parent who has a home in that area. Does the child have a healthy relationship with both parents? If so, a judge will likely order a joint custody agreement.
Child Support Payments
Even though it doesn’t come into play when addressing child custody, the income disparity between you and your wife will affect your child support payments. However, this doesn’t mean that you should be financially burdened by an exorbitant payment each month.
As a child support lawyer who focuses on helping men, I’ve spent decades fighting for fair child support payment amounts during divorce cases. High earning fathers are just as discriminated against in family law courts as dads who make a modest living. The guidelines used by the court to determine payments are fairly rigid, but you can always have the payment amount lowered if you have need and do your due diligence in court. Remember, these payments are meant to provide for your child – not to be extra spending money for your ex. Our team of child support lawyers for dads will make sure you end up paying a reasonable amount in child support.
Professional Athlete Divorce Lawyers for Men
The Micklin Law Group is a New Jersey family law firm focusing on divorce legal services for men and fathers. When you choose to work with our team, we’ll act as fierce advocates for you and your child. Your family attorney for men can help you obtain fair child custody and child support outcomes, whether you’re going through a divorce or were never married to your kid’s mom.