No matter how much in love a couple is when getting married, divorce is still a possibility at some point down the road. Prenuptial agreements are designed to protect the financial interests of both parties and sometimes even the children in cases in which money has been set aside for them in the event that a divorce becomes reality.
While prenuptial agreements are usually designed to protect the spouse who is the main breadwinner in the family, Austin residents should take note that such an agreement can also be drafted to protect the other spouse. The prospective remarriage of Tiger Woods and Elin Nordegren demonstrates an unusual type of prenuptial agreement.
After their marriage in 2004, pro golfer Tiger Woods and his new wife, Elin Nordegren, lived what seemed like an idyllic life. They had two children and enjoyed the millions of dollars Woods earned on the golf circuit and through sponsorships and endorsements.
In late 2009, Nordegren learned that Woods had been cheating on her with several different women. She is reported to have attacked Woods, who subsequently ran his car into a tree in a highly publicized incident. Nordegren subsequently moved out of their home in 2010, divorcing Woods and retaining custody of the couple’s children.
After the divorce, Woods’ career began to suffer, as he lost tournament after tournament as well as many of his sponsorships and endorsements. He has tried to win Nordegren back and even asked her to marry him again during the Christmas holidays in 2012. Nordegren has asked Woods to sign a prenuptial agreement with an anti-cheating clause worth $350 million, slightly more than half of Woods’ current financial assets.
Using a prenuptial agreement to prevent certain behaviors during a marriage may be unusual, but it is in line with what prenuptial agreements are designed to do, which is to protect one or both of the spouses in the case of an adverse event. Anyone entering a marriage should look forward to a happy ending but should still plan ahead and consider using a prenuptial agreement or marital contract for protection in case of divorce.
Source: Fox Sports, “Report: Tiger wants to remarry Elin,” Jan. 16, 2013