Reports have been circulating the past few days that Tiger Woods has been in negotiation with his wife Elin to “update” the pre-nuptial agreement to induce her to stay in the marriage after news of several of his extra-marital affairs became public.
Originally, the couple’s pre-nuptial agreement, signed in October of 2004, stipulated that Ms. Nordegren would receive a $20m payment from Mr. Woods after 10 years of marriage, which would have been in the year 2014. But with the recent revelations, news sources have reported that he has offered her an immediate payment of $5m and an additional $55m if she stays with him until October of 2011. The new agreement would reportedly also given her even another $20m if she stayed longer (totaling $80m). It would have also required her to attend public events with him and allow him to show the world (and his corporate sponsors, who are sticking with him so far) that he and Ms. Nordegren had reconciled completely.
These reports make it (mildly) surprising that she left for Sweden this week, thus potentially forfeiting any payment under either the old pre-nuptial agreement or any new agreement. It would definitely be understandable if she simply felt that no amount of money is worth staying in a miserable marriage. Alternatively, her stay overseas may be temporary and the couple will be getting back together. Not much is known publicly at this point.
It is noteworthy that although most news sources are reporting that the couple were in negotiations to sign a new “pre-nuptial agreement,” that term is not the correct one. If a couple who is already married signs the equivalent of a pre-nuptial agreement, it is called a “post-nuptial agreement” because the nuptials have already taken place.
Picture courtesy of thisisdiversity.com.