As a full service real estate brokerage and Certified Divorce Specialists (CDS®), we have many pages to address all your options regarding buying and selling your home throughout this website. Here are links to some of these pages:
The rest of this page is dedicated to educating you on divorces of professional athletes.
We hope you find it helpful.
EXPECT A CONTESTED DIVORCE
Since the stakes tend to be higher in divorces involving professional athletes, they are more likely to be contested or at least take longer to settle.
State laws and court procedures do not distinguish between athletes or other celebrities and ordinary people going through a divorce. However, certain issues arise more frequently in divorces involving athletes.
ASSESSING FUTURE INCOME AND CONTRACTS
INVOLVING PROFESSIONAL ATHLETES
When a court divides assets between an athlete and a non-athlete spouse, they may need to analyze the contract between the athlete, their team and sponsors. The basic rule is that future income of either spouse is not subject to division as marital property. The exception may be if the athlete receives guaranteed future income through their contract, however, this may be considered a marital asset that should be divided between the spouses.
Bonuses that go beyond the salary, such as signing bonuses or bonuses for playoff appearances, sometimes may be classified as marital property as well. In addition to payments under the team contract, payments under endorsement agreements may also qualify as marital property in some cases. Both the athlete and the non-athlete spouse should consider retaining financial experts and attorneys to help define and present their position on classifying and dividing certain assets.
CLASSIFYING FUTURE INCOME
When an athlete needs to meet substantial future obligations to get payments from a team or sponsor, those payments will likely be considered separate property and will not be divided in a divorce.
In some sports, such as golf or tennis, an athlete competes individually rather than playing for a team. Future income from their sport is difficult to calculate in these cases, since they do not earn a fixed salary. A court is less likely to find that this future income is sufficiently guaranteed to divide it as a marital asset. However, we have the attorney's that can advise you on this complex matter.
TEAM OF DIVORCE PROFESSIONALS
As a member of The National Association of Divorce Professionals, we have a cadre of experts we collaborate with including attorneys, CPA's, financial advisors, forensic accountants, asset and business appraisers, private investigators, and others to fully assess the value of the marital estate. We find that in most professional athlete divorces there are several residences, investment properties that must be evaluated, not only in Texas but throughout the U.S.
This is where we roll up our sleeves and get to work for you! We work closely with legal counsel for both parties to distinguish between assets purchased with premarital money or before the marriage vs during the marriage.
OBTAINING AN ACCURATE
VALUATION OF THE MARITAL ESTATE
The assets of the marital estate must be completely identified and those that are clearly premarital can be set aside and those that are marital, in full or in part, will be the focus for the attorneys and accountants.
The larger and more complex a family’s holdings, the more challenges there are to overcome, increasing the potential for litigation. Careful preparation with forensic accounting, asset appraisals and business valuations, and a luxury home real estate specialist can help to avoid unnecessary, costly and time-consuming litigation. All assets must be properly valued and inventoried.
OTHER ASSETS TO CONSIDER
Substantial assets in a variety of holdings may have been acquired over a number of years, which may have different cost basis. Some may have been acquired by one spouse or the other but with 'joint' funds or may even have been brought into the marriage through a trust or as a premarital asset. Below are some to consider with your attorney.
SEC Filings, Paid Board Memberships, BOD, 10%+ Stock Holder
Vacation homes - typically out-of-state, possible offshore
Residential and commercial real estate holdings/REITS
Foreign real estate and investments
Stock options/Warrants & Other Qualified Stock Purchase Agreements
IRAs, ESOPs, 401(K) plans, pensions, and other retirement vehicles and investments
Full or partial ownership of a closely held business, family business, or partnership
Income producing property, single or multifamily residential properties
Art, paintings, sculptures, coins, cars, aircraft, boats, antiques and precious metals
Executive Compensation Packages/Bonus & Non-Compete Agreements
CONTACT US TODAY
Let's discuss your situation and your options whether selling the home or doing a buy-out with your spouse. Even before the divorce proceedings begin, we can evaluate your financial situation with our attorneys and financial advisors to help you retain a large percentage of your estate or advise you on your new purchase. Call Geni Manning at 469-556-1185 or fill out our Online Request Form.
HOW WE ADDRESS THESE UNIQUE SITUATIONS
The divorce of high-profile professional athletes requires discretion and confidentiality. Working for the Dallas Cowboys organization and being a former Dallas Cowboys Cheerleader for years, Geni Manning understands this completely. She recognizes the pressures professional athletes face between their public and private life and the importance of maintaining both of these important areas in balance.
Having sensitivity to your public life and Geni's experience working with professional athletes gives her an advantage to support your needs. Combine this with her specialized training as a Certified Divorce Specialist (CDS), Certified Luxury Homes Specialist (ALHS), and Certified Negotiation Expert (CNE) makes Geni the perfect choice as your Realtor.