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Tiger Woods Prenuptial Agreement Woes…
As anyone who reads the news tabloids knows: Tiger Woods recently was caught cheating on his wife Elin Woods and she is filing for divorce. The media has really ran with this one…
Tiger Woods had entered into a prenuptial agreement with Elin in which the couple allegedly originally agreed that in the event of divorce Tiger would pay Elin $20 million dollars after 10 years of marriage.
Obviously, Tiger would have lost far more green if he had never entered into a prenup. Elin is allegedly renegotiating the prenuptial agreement so that she will receive $5 million up front and as much as $55 million to stay with him for two more years. Ouch.
Aside from the media spin, which always seems intrusive (and quite frankly, obnoxious), there are a few kernels of wisdom that can be extracted from this painful situation:
- A prenup is a way to control the distribution of your assets in the likely chance of divorce (U.S. divorce rate still over 50%).
- If you don’t want a court dividing your assets according to NY law, a prenup is a very wise idea.
- Prenuptial agreements are not only for multi-millionaires and celebrities. Anyone can enter into one and benefit from its legal protections.
This might seem like a lot of money to most of us, but do you really think with the money he has that will be Tiger Woods’ main concern.
I don’t know about you, but I would rather protect my money than lose it. We help our clients protect their assets so that their less likely to be in Tiger’s situation.
Can you renegotiate? Surely the whole purpose of it is that it is set in stone. If someone offered me $20 million I’d take it – I wouldn’t deem it neccessary to renegotiate.
That is a lot of money for me. This is a very serious issue. I will be visiting this blog more often for more update about this issue. Thank you for posting this issue in your blog. This is a great post.
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