The Microsoft founder and his philanthropist (and former Microsoft general manager) wife are believed to be worth a whopping $124 billion. This is more than the annual economy of Morocco, according to The Economic Times. And the 65-year-old Bill Gates is the fourth richest man in the world, according to Forbes.
With such vast sums of money and millions of pounds worth of shared assets at stake – how will the Gates’ manage to reach a post-divorce financial settlement?
‘Separation contract’ drawn up following divorce filing
The couple reportedly didn’t have a pre-nuptial agreement in place when they married back in 1994. But according to the US media, a separation contract has been drawn up and signed by both parties.
The news of the divorce was announced on 3rd May 2021, and the divorce petition reportedly filed at a court in Seattle on the same day. Within the legal documents, it states that the couple’s assets, property and business interests will be divided "as set forth in our separation contract".
The details of this have not been made public, but it’s likely to be lengthy. The couple have complicated financial affairs and a great number of assets, including:
· A lakeside mansion in Medina, Washington, worth a reported $127 million
· A 30-acre estate in Wellington worth around $55 million
· Two Californian properties – a $20 million property in Del Mar, and a $1 million home in Indian Wells
· A collection of sports cars worth $650,000
· An extensive art collection (including original works by Da Vinci) worth an estimated $130 million
· A private island in Belize worth around $25 million.
· A stake in the Four Seasons hotel chain
· Shares in companies such as Waste Management and AutoNation.
Due to the extremely long list of assets to be considered in the divorce, it’s unsurprising that both Bill and Melinda Gates have large legal teams. It’s been reported that both have at least three divorce lawyers each working on the case.
Along with sharing property and other assets, the Gates’ also established the Bill & Melinda Gates Foundation back in 2000. It’s assumed that the separation contract will also outline how the philanthropic organisation will be run once the couple are legally divorced.
Need help sorting out your divorce finances?
Your financial affairs will be much simpler than Bill and Melinda Gates’, but sorting out money matters during divorce can still be very complicated. It’s important to get the right advice, get a grip on your assets and make sure you negotiate a fair settlement – one that works for your whole family.
This is where Liverpool divorce solicitor Tracey Miller Family Law’s friendly and experienced team can help. Get in touch for a chat about your circumstances, and to get started on a divorce that is as smooth, stress-free and easy as possible.