• 14
  • July
    2010

Today's post will continue the previous discussion. Specifically, it will take an in-depth look at Florida's divorce laws in order to provide interested readers with a more suitable legal framework from which to view the inevitable Tiger Woods divorce proceedings.

(Please see "A Look at a Potential Tiger Woods Divorce Under Florida Law - I" for more information.)

Post continued ...

Property Division

Under Florida law, all marital assets and liabilities are subject to "equitable distribution." This means that the property or debt in question is to be divided fairly among the former spouses. (This does not necessarily translate into a 50-50 split.)

Florida considers marital property to be any and all property acquired during the course of a marriage. Typical marital property includes homes, automobiles, business interests, retirement accounts, personal property, etc. Nonmarital property (property acquired before the marriage) is not subject to equitable distribution.

A court makes the ultimate division of property based upon consideration of a variety of factors, including the duration of the marriage, the contributions of both husband and wife, and their respective economic circumstances.

It is worth noting that Tiger Woods amassed the majority of his $600 million fortune prior to his 2004 marriage to Elin Woods. As such, any property he acquired during this time (before the wedding) would not be subject to equitable distribution.

This is significant because many publications have spoken of the vast "fortune' that Elin Woods stands to gain in the divorce. In reality, she may not recover as much property as previously believed by the public.

Alimony  

Florida courts will consider an award of alimony/spousal support once the division of property has been completed.

The following types of alimony may be awarded:

• Permanent alimony - alimony paid until the former spouse dies or remarries
• Temporary/rehabilitative alimony - alimony paid for a limited time until the former spouse develops the necessary skills to become self-sufficient 

Like property division, the court will award alimony based upon consideration of a variety of factors, including the standard of living to which the former spouse was accustomed, their health, their ability to earn a living and the income-producing capabilities of the assets they received in the divorce.

In the context of a potential Tiger Woods divorce, a court may not have to decide on an award of alimony (or property division for that matter) if the couple has a prenuptial agreement in place.

"Tiger would almost certainly have a prenuptial agreement, and a strong one, or it's financial Armageddon," said prominent divorce attorney Jason Marks.

Accordingly, Elin Woods would only be entitled to all that is outlined in the prenuptial agreement, no more or no less.

Furthermore, it's possible that the prenup may contain a confidentiality clause. As such, the public may never know any details of the divorce.
 
Related Resources:
  
• A Tiger Divorce: What's Fact, Fiction? (The Arizona Republic)
• Divorce in Florida (Florida Bar Association)