Some people in Georgia may be aware of the divorce of Amazon CEO Jeff Bezos from his wife of 25 years, MacKenzie. On July 5, a judge finalized the dissolution.
The divorce settlement is one of the largest ever. It was anticipated that MacKenzie Bezos would get 19.7 million shares and that it would make her one of the richest women in the world. She will receive a total of $38 billion in value. Jeff Bezos will keep a 12% stake in the company worth more than $114 billion. Even after dividing his finances, he is still the world’s richest man.
MacKenzie Bezos is a novelist, and she said in May that she would make charitable donations with half of her fortune. This was in response to a campaign by billionaire Warren Buffet, Microsoft co-founder Bill Gates and his wife, Melinda, that asked the very wealthy to donate half or more of their money.
Most divorce cases are not this complicated and do not deal with sums of money this large, but whether a divorce is a high-asset one or couples have just a few assets, the process of property division can be a difficult one. For example, if the couple owns a family business, this could be complex to divide. One person might buy the other out, or they might agree to sell the company. Another complication could be caused by some retirement accounts. To divide a pension plan or a 401(k), a document called a qualified domestic relations order may need to be prepared and approved by the plan administrator. One person may want to keep the home, particularly if there are children and the person is the custodial person. However, it is important to make sure the person can afford the mortgage on one income as well as upkeep, insurance and other expenses.