Tiger's Plight Highlights Prenuptial Modification in Florida
Tiger Woods' prenuptial modifications seem to be going smoothly, but this is not always the case. Under Florida law, it can be difficult to modify premarital agreements if both parties do not agree.


February 12, 2010 /24-7PressRelease/ -- Tiger's Plight Highlights Prenuptial Modification in Florida

When Tiger Woods and Elin Nordegren married in 2004, like many celebrity couples, the pair signed a prenuptial agreement. The details of the agreement were never officially released, but reports put the figure allotted to Elin at $20 million -- available after 10 years of marriage.

This was, of course, before tabloid headlines heralded Woods' infidelities.

Soon afterwards, rumors of a pending divorce began to surface. Over the holiday season, Elin returned to her home country, Sweden, alone with the couple's children and was spotted in photographs without her wedding ring. As far as the media was concerned, the marriage was over.

Now, it seems as if she may be sticking it out -- at least for a few more years, and at no small cost to Tiger.

Recently, new reports have surfaced regarding a revised prenuptial contract. Under the new terms, Elin would get $5 million immediately and an additional $55 million to stay with Tiger for two more years.

Under Florida law, it is legal to change or revoke the terms laid out in a prenuptial (or premarital) agreement, but only if both parties agree and this is rarely the case. Negotiations between Tiger and Elin appear to have been pushed through very quickly, perhaps in a desperate attempt by Woods' camp to salvage some image of normality amidst the drama.

Tiger has plenty to lose, and not just counting the millions of dollars put into play by the new prenuptial terms. Sponsorships with Nike, EA Sports and Tag Heuer bring in millions for Woods every year. He's already been dropped by AT&T, Gatorade, Gillette and Accenture.

By keeping Elin close, Tiger's marketing team certainly hopes that the semblance of normality will work in the golf star's favor.

The Tiger Woods case highlights the strategy that goes into drafting prenuptial agreements. Especially in marriages involving a large amount of assets, or the propensity to attain a great number of assets over the course of the union, prenuptial agreements are essential tools in shaping the financial futures of both parties.

Two years ago, Florida lawmakers adopted the Uniform Premarital Agreement Act, setting new standards for prenuptial contracts and the way in which they may be amended or revoked. To amend a premarital agreement, both parties must agree in writing to the amendment. Revocation of premarital agreements usually requires that the individual seeking revocation be able to prove fraud, duress, coercion, or overreaching or the party must demonstrate unconscionability and lack of knowledge or lack of waiver of the other's finances.

It is often difficult to prove fraud, duress, coercion, or overreaching in the formation of contracts. Unconscionability, which involves a grossly unfair and one-sided agreement, is decided by the court as a matter of law, and, for the most part, Florida does not frown on hard-line prenuptial agreements -- as long as both sides agree to them beforehand. The court will not save a party who made merely a bad or even unfair deal.

Tiger and Elin Woods appear to have agreed on a prenuptial modification, but this is not usually the case during or following a divorce. Because of the difficulty one may come across in providing evidence sufficient to modify a prenuptial contract, it is important that an individual seek the assistance of an experienced family law attorney.

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