Bill Gates and Melissa Gates have announced that they are divorcing
The announcement appears to have come after they concluded their negotiations over their financial settlement. Both are wealthy and no doubt the financial split of the multi-billion asset portfolio will be announced in due course.
They have confirmed they still plan to work together on the numerous philanthropy projects that remain ongoing. For Bill and Melissa, uncoupling their finances should not be too difficult, but this is not always the case.
Splitting Financial Assets in a Divorce
It is not unusual to find that there is great wealth on one side and very little on the other.
Depending upon the circumstances of the case, and in particular, where a marriage has been short in duration (but perhaps long in cohabitation), the court may be called upon to examine and make a decision about each party’s respective needs, including their income and capital (housing) needs going forward.
Make Careful Consideration
Alongside case law, courts use a criteria when assessing need.
In larger money cases where there is a stronger and weaker party financially, the standard of living the couple had during their marriage can be a key issue. Wealthier couples are likely to be judged to have much higher needs in order to continue, if possible, with the lifestyle they had pre-separation.
Be careful however not to over-egg the pudding when setting your needs.
When the McCartney’s divorced Heather Mills-McCartney’s budget was said to be so over-stated that the court found it had no realistic budget to work with and consequently pruned it dramatically.
Professional Legal Assistance for Divorce
If you need help understanding what factors will be taken into account when separating and how pre and post separation asset accrual is dealt with, then Kerseys Family Team of fully qualified solicitors can give you clear, practical, jargon-free advice on managing your divorce case to enable you to maximise your financial future.
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