Tiger Woods, worth nearly $1 billion, has reportedly re-tooled his pre-nuptial agreement with wife Elin.
You might say, she’s been offered increased incentive compensation.
The Daily Beast (via: The Star) In a statement Wednesday, Tiger said, “I have let my family down and I regret those transgressions with all of my heart.” Words are evidently not enough to mollify Elin: The Daily Beast has learned the details of what it’s costing Tiger to keep his marriage intact. A lawyer familiar with the hastily conducted negotiations of the past 72 hours said that as of Wednesday evening Elin has been offered a $5 million payment immediately if she agrees to stay—and her prenuptial agreement is being revised to give her up to an additional $55 million.
When the couple married on Oct. 5, 2004, at the Sandy Lane resort in Barbados, Elin signed a prenuptial agreement reportedly worth $20 million after 10 years of marriage, not considered a large payout for someone who was already as successful as Tiger by then. (The tightlipped Woods camp, almost obsessive about releasing any personal information after Tiger’s blundering interviews with GQ in 1997, has never acknowledged the existence of the first prenup, although it’s been widely reported).
And here are some of the other startling terms and conditions of Elin’s employment as Tiger’s wife. It requires her to look happy and pretty and includes a lifelong gag order.
The lawyer familiar with the couple’s negotiations told The Daily Beast that Tiger also has agreed to shorten the original prenup to seven years from the date of marriage, meaning it will vest in another two. And the revised agreement provides for a staggered schedule of payments spread out over five years that could be worth upward of $75 million. So for Elin to collect $80 million, she’ll need to stay with Tiger another seven years, be a dutiful wife in showing up with him at social events and in public as if they were still the perfect couple, and sign a nondisclosure form that will prevent her from ever telling her story. Even if she lasts only two more years, she’ll still walk away with nearly twice what she was entitled to under the original prenup.
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