Friday, December 11, 2009

Divorce may hurt Tiger's finances even more

By Jameel Murray

Tiger Woods is in a soup bowl of controversy. The world’s greatest golfer’s scandal has affected his image as well as his finances. Recently, Gilette and Gatorade have considered dropping Tiger Woods from upcoming endorsement projects. It is reported that Woods’s deal with Gillette is worth around $20 million while a deal with Gatorade is valued at $100 million. Although it is extremely rare to see Tiger end up in a situation where he is considered “broke,” a divorce can further impact Tiger’s finances.
Last week Woods’s wife Elin Nordegren decided to purchase a $2million house in Sweden, possibly indicating the couple’s divorce. Reports have also stated that Nordegren has considered bolstering her prenuptial agreement. Financial advisers have stated that the couple should educate themselves on the household’s finances before filing for a divorce. According to Greg Merlino, an Ameriway Financial Service adviser, if there is dishonestly in a marriage, there is usually dishonesty in the financial situation of the household. Advisers also state that spouses should have an idea of the finances readily available prior to divorce. Whether or not Tiger and his wife decides to file for divorce, Tiger’s financial position would take a significant hit.


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