I think most breeders who show, shave the belly area and also the inside of the thigh. Joey's breeder also recommended a "pee string" about an inch or so of hair off the penis. This helps direct the pee so it doesn't go on their coat or belly. This page explains a little:
Welcome to Holly Huxford's Animal Page! Read "Trimming Urination Area of a Dog"
I had Joey in a long coat for the first 4 years, and I never had a problem with him peeing on his coat.