Getting married is one of the most joyous days of your life, a public declaration that you will be sharing your life with your partner.
However, the landscape is slightly different for you as a professional footballer. Because your chosen career is famously well-paid, it can feel uncomfortable to get married in the knowledge that your wealth is now legally shared, even though your partner may have significantly fewer assets than you.
There are also specific stresses from what you do for a living which can put significant strain on your relationship, and could even cause it to break down entirely.
This is especially a concern considering how many footballers end up getting divorced, particularly after hanging up their boots.
In fact, according to research published in the Telegraph, one-third of footballers get divorced within 12 months of retiring.
Worse still, further evidence suggests that this figure rises to 70% within three years of retirement. That would mean eight of a starting XI would be divorced not long after the end of a career.
As a result of the uncertainty surrounding football and relationships, it could be sensible to create a prenuptial agreement, commonly referred to as a “prenup”, before you tie the knot.
A prenuptial agreement is a legal agreement you can make with your partner before you get married. It details how your money and assets will be divided should your marriage end, either by divorce or death.
Find out some of the key benefits of putting a prenup in place, as well as something to consider before you do.
Providing protection for both of you in the event of divorce or death
The primary purpose of a prenuptial agreement is to protect both you and your partner in the event that your marriage ends, whether that is as a result of divorce or death.
By agreeing what will happen in this case, you can protect the wealth you have built from football. You can even set certain assets aside as “non-matrimonial property” meaning that this would not be considered when dividing your assets on divorce.
Meanwhile, your partner can have the confidence that they will be financially secure if you are to separate or divorce, too.
It can provide clarity as to who owns what
As well as protecting you both, a prenuptial agreement can offer absolute clarity as to who would own what and receive how much of your shared wealth on divorce.
You can lay out what would happen in this event when you create the prenuptial agreement, providing clear details of how everything would be split.
If you do not have this from the outset, you will have to spend time agreeing on who is entitled to what and how you will fairly divide your shared wealth if you do separate.
Doing so in advance can provide clarity and certainty if you do reach this stage.
You can reduce some of the stress of divorce
A divorce is always going to be a stressful event. Separating from your spouse is undoubtedly emotionally challenging, and there are also significant administrative and legal aspects to think about.
Fortunately, this is where a prenuptial agreement can help. By having made this ahead of time, you have a starting point that you have both already signed off on to provide a roadmap that can help you navigate this difficult period. This can also prevent your split from being acrimonious, as you both know what you initially agreed to.
Having a prenuptial agreement can also save you money. Instead of needing to go through litigation to divide your wealth, you can instead have this pre-agreed and settled, typically paying a lower cost to create the agreement than you would to settle this post-divorce.
As a result, an agreement like this could help to reduce the emotional and administrative difficulties that often come with divorce.
Discussing a prenuptial agreement with your partner can be tricky
Before you rush into asking your partner to create a prenuptial agreement with you, it is important to remember that it is a sensitive subject.
By suggesting that you create this agreement, it could make your partner feel like you do not trust them, or that you think the relationship will one day end.
Of course, this is highly unlikely to be the case. But even so, it is important to be aware of how it could sound, and explain your reasons for wanting to put one in place.
It can help to approach the conversation honestly and openly. Explain why you want to have a prenuptial agreement in place, and make it clear that it is for both your benefit, rather than just yours.
Your partner also has the right to suggest what they want included in the agreement. Make this a two-way street and be prepared to accommodate some of their wishes. That way, you can both be happy with it, ensuring that you start your life together on the right foot.
Get in touch
At ProSport, we can help you and your partner to organise your wealth, both for now and life after sport.
Email enquiries@prosportwealth.co.uk or call 01204 602909 to speak to us today.
Please note
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only and is not intended as legal advice.
