Notice: DUE TO COVID-19, CONSULTATIONS ARE AVAILABLE VIA PHONE OR VIDEO conference AND consultation FEES ARE TEMPORARILY WAIVED. CALL TODAY!

Pro Athletes' Expensive Divorce Settlements Illustrate the Importance of a Prenup

When professional athletes divorce, it often ends up being a costly affair. For example, Michael Jordan had to pay ex-wife Juanita $168 million in a 2006 divorce settlement, which set a record for the largest celebrity divorce settlement in history at the time.

Jordan was married during his second season with the Bulls and he and his ex had three children in their seventeen years together. However, even short marriages can be quite costly. The Tiger Woods and Elin Nordegren divorce ended up costing Woods $100 million after only six years of marriage.

Even if you don’t have the net worth of a professional athlete, there are still lessons to be learned from the mistakes of your favorite players. Part of the reason Michael Jordan’s divorce set a record for the size of its settlement was that the couple had no prenuptial agreement. Jordan himself realized the error of his ways when he insisted on a prenup before his second marriage to Cuban model Yvette Preito in 2013. Tiger Woods had a prenup that would have given Elin $20 million after fifteen years of marriage, but they renegotiated after news of his extramarital affairs became public. Under the terms of the revised agreement, which was intended to give Elin a reason to stay, she ended up with a much larger payout than she would have if they had stuck to the previous agreement.

Prenuptial agreements often get a bad wrap for being “unromantic” or “promoting divorce.” But the fact remains that you simply can't predict what the future will hold. In uncertain times, a prenup remains your best option for ensuring that your assets are protected.

How Can We Help?

If you are in need of assistance creating a prenuptial agreement, please call our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com. Our Pasadena family law attorneys can help you create a prenuptial agreement that will protect your assets no matter what the future holds.

Categories