There has been some press coverage and a recent article in The Times on March 6 2013 about the grim reality facing footballers upon retirement.
According to statistics released by Xpro, a charity for ex-players, a massive 3 out of 5 players are bankrupt within five years of retirement. GHW Solicitors has a lot of experience acting for professional sportsmen and women and it is a common trait that very few of them have the skills required or the inclination to manage their finances and prepare for a future without the £30 000 a week pay cheque. It is a simple fact that playing sport at the very highest level requires a degree of commitment and focus which precludes anything else. Sports professionals often live in a bubble trusting, often unscrupulous agents, to manage their finances on their behalf.
When they are unceremoniously dropped from the team, the agent disappears and the player is left with no idea of their financial position. To compound this, upon retirement many players face such difficulties adjusting to “real life” that depression and other mental health problems are rife and with this comes marital problems and divorce. The financial circumstances of a player are stretched even further when having to face a costly divorce or separation. This highlights even further the need to ensure assets are properly protected before things go wrong via a prenuptial or co-habitation agreement. Negotiating a financial settlement upon divorce or separation can easily become extremely contentious when the future earnings of the ex-professional are so difficult to determine and we would strongly recommend taking advice from a specialist practice such as GHW Solicitors.
The article is a grim reminder of the need to seek professional advice and get the very best representation from lawyers who are experienced in this area of law. Gareth Williams of GHW Solicitors has many years of experience and has acted for a wide range of household names. Call Gareth on 01706 827 042 to make sure that you are your future are protected.