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Athletes’ divorces: Cautionary tales, the relevance of prenups

On Behalf of | Nov 10, 2011 | Prenuptial Agreements

Concerning the Kardashian/Humphries divorce filing we just discussed in our immediately preceding blog post, it has been widely reported that the couple had a prenuptial agreement in place prior to taking their vows.

As many sports commentators note, taking that proactive step appreciably differentiates Humphries — a professional basketball player — from many other sports stars making millions of dollars who entire into high-profile marriages.

Of course, it may have been Kardashian who insisted on the premarital agreement and stood to gain the most from it. The bottom line, though, is that executing it likely provided Humphries with a high level of certainly and enabled him to walk away post-divorce with few if any financial concerns.

Not all athletes are so lucky.

Take super-jock Michael Jordan, for instance. His wife was awarded a staggering $168 million in the divorce settlement the couple reached in 2006.

Tiger Woods isn’t far behind in the payment he made in his divorce settlement. The Woods story and result — hardly yet faded in media accounts — is well known to many. His wife reportedly received in excess of $100 million, as well as realty properties.

The list goes on, but ex-NBA player Kenny Anderson might profitably serve as a final mention of what can happen even when a less than stellar prenuptial agreement is in place. During his divorce proceedings in 2001, he produced a premarital contract the couple executed prior to marriage that seemingly allowed for him to keep the on-court earnings of $60 million he had accumulated during 15 years in the league.

That turned out not to be true, with his spouse challenging the agreement in court and getting half the money as well as liberal child support payments. She eventually got a license plate for her car that read “HISCASH.”

That result calls into question potential drafting deficiencies in that agreement, and points to the need to secure competent and experienced family law counsel to negotiate and execute important legal documents.

Contact a proven Miami divorce attorney for further information.

Source: Yahoo! Sports, “Ten costly sports divorces” Nov. 2, 2011