Wednesday, June 30, 2010

Tiger Sets Another Record - $750M Divorce Settlement For Elin Nordegren

Tiger Woods has reportedly come to a final divorce settlement with his ex-wife Elin Nordgren.

She gets physical custody of the kids, together with $750 million, the largest divorce payout in history. They will share legal custody, so she can't relocate them to Sweden or elsewhere without his OK. Additionally, he's not allowed to let any of his girlfriends near his three-year -old daughter Sam, three, or his one-year-old son Charlie during visitation. The only way any future relationship of Tiger Woods gets to interact with the children is if he remarries.

In exchange, Elin has agreed never to speak publicly about the divorce or the events leading up to it, so there will be no tell-all interviews or book deals.

Elin's silence was obviously a big part of the deal, leading a lot of people to speculate that there are a lot of sordid details that never made it into the press. The deal was also affected by the fact that Elin hired decent lawyers who ferreted out a lot of Tiger Wood's hidden assets, so it turned out he was actually worth more than she thought.


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Anonymous said...

750 million dollars ? That merely amounts to lunch money for Zero ! --dragon/dinosaur

Freedom Fighter said...

Hi D/D,
With one difference - in Tiger's case, it's his own money, not ours!

Quelle dommage...


B.Poster said...

"Hidden assets?" Did they file joint US tax returns or separate tax returns? Obviously we will likely never know the answer to that. Assuming they file separately, it should not take any kind of sleuth to find "assets." Simply study his tax returns.

If it did take a sleuth to find hidden assets, then Elin may be the least of Tiger's concerns. The IRS and perhaps other taxing authorities around the world will likely want a few words with him.

Also, at least in the US, a person of Mr. Woods stature and wealth will likely be subject to a detailed audit by the IRS every year. As such, hiding assets would be all but impossible for him or his people to do. As such, I think it is very unlikely there are hidden assets here.

Finally, its probably in Elin's financial interests not to reveal all of the sordid details. As it is right now, Tiger's endorsment potential is still relatively intact. Part of this settlement likely includes a cut of this. If she reveals these details, this might harm Tiger's endorsements and cost her money.

I shall pray for both of them and the children. Divorce is never a good thing for anyone.

Why didn't he get a prenuptial agreement? Perhaps he did but the settlement is to keep certain details private. In other words, Tiger's team says in effect "keep quiet and we'll cut you in on the endorsements." Elin's team asks "how much?" They come back with the figure of the settlement. If she goes public, with sordid details, that revenue stream may be compromised. This is just a case of educated speculation. We'll never know what really went on and we probably shouldn't

B.Poster said...

I read the link you posted. If there really were "hidden assets" here, especially if these were incoming producing assets, then Mr. Woods is in deep trouble. Elin, his reputation, and the kids are the least of his worries. He will be looking at jail time. The IRS and other taxing authorities do not have to prove their case in the manner that Elin's legal team or other attorneys involved with Civil or Criminal matters have to.

If these are not income producing assets, it is VERY unlikely that some type of taxes be they real estate taxes or personal property taxes would not be due on them to a taxing authority. If true, Tiger's problems are just beginning. These people cannot be bought off like an ex wife can be!! Oh well he's got the best legal and tax minds to figure this stuff out.

B.Poster said...

Sorry about the multiple posts. You raise an interesting point, in the case Mr. Obama, he and other government officials are spending someone else's money and they have nothing at risk. This leads to very bad decision making. In the case of Mr. Woods or most other business man, they are spending their own money. In this case, much better decisions will likely be made.

Anonymous said...

Oui, quel dommage ... mais pourquoi le francais ? ( but why this sudden French ? : has little mischievous Marie dropped by at some point whilst I was away on business ? ) Is it a tribute ? I do thank you. On peut ainsi couvrir plus de la moitie de la planete, rejoindre plein de gens by so doing ! & I do appreciate the difficulty & effort as English is a 3d language for me. Je vous remercie beaucoup pour cette delicate attention ( Thank you ). J'arrete sur ces mots. A la prochaine. Ciao ! ( Bye ! -- it loses something in the translation to English, doesn't it ? ) --dragon/dinosaur

Freedom Fighter said...

Vous ĂȘtes les bienvenus, Mon Ami.

Actually, the quote was from the last of the French Bourbons, Louis Capet AKA Louis XVI (as I'm sure you know) in view of the fact that Obama is essentially a modern day one.

With Bastille Day just around the corner, I felt the reference was both timely and appropos.

Freedom Fighter said...

Hi Poster,
Any large divorce settlement - particularly when it's not amicable - usually leads to the hiring of forensic accountants to examine tax returns, property records, etc to determine assets and determine whether certain itemized deductions ( a car lease, for example) actually constitute income in the eyes of the court.

Also, the fact that Ms. Nordgren was, by her own statements 'not aware' of all of Tiger's assets should tell you they did not file jointly.