Since their announcement back in May that they had filed for divorce following 27 years of marriage, Bill and Melinda Gates have been the subject of much press attention, largely with regards to their significant estate. With a combined wealth of an astounding $180 billion, many have speculated how this will be divided between the pair as divorce proceedings continue.
Of course, we all know Bill Gates as the co-founder of global technology company, Microsoft, but you may not know that both Bill and Melinda are founders and co-chairs of one of the biggest private charitable foundations in the world, the Bill and Melinda Gates Foundation, which itself has an endowment of an estimated $50 billion.
This combined with their own personal fortunes will ultimately prove to be a lengthy and complicated process for their respective divorce lawyers to contend with, particularly due to the fact it is widely reported that the couple didn’t sign a prenuptial agreement. We also mustn’t forget that the issues to be resolved will potentially include business interests, how they will divide their philanthropic work and distribute their assets such as property, pensions, art work, etc.
Details of how this could play out are yet to be revealed, but one thing is for certain, the Gates’ divorce will be one of the biggest divorce settlements to ever take place.
What to consider for high net-worth divorce?
Divorce is a highly stressful process at the best of times, but when it comes to high net-worth individuals seeking divorce, this can add another layer to the process as solicitors and courts seek to find the ideal resolution in the division of assets for both parties.
Many will have a prenuptial agreement in place which can oftentimes simplify the process (but not always). If you have a prenup in place, it is crucial that you inform your divorce lawyer as soon as possible so that they can review.
The division of assets, as well as ongoing financial support will be key components of the divorce process, and one that typically takes substantial time and negotiation for both parties. This will take into account, property, pensions, business interests, possessions and so on. Full and frank disclosure of financial position is typically required for this.
And we can’t forget that we have only spoken of monetary issues that will arise from high net-worth divorce, should the couple have any children, they will also be a key consideration at the centre of every divorce.
Nevertheless, a reputable divorce solicitor will guide you through the process, outline the potential outcomes and work with you to ensure resolution is favourable to your situation, allowing you and your family to move on.
You can read more about financial ties upon divorce here.
Contact our family law team today to find out more about our expertise in high net-worth divorce.