One of the world’s wealthiest couples, Bill and Melinda Gates, recently announced the end of their marriage after 27 years. In addition to Bill Gates’ work as the founder and CEO of Microsoft, the pair founded the Bill and Melinda Gates Foundation in 2000 to support global health and poverty initiatives.
Review some of the contributing factors and circumstances of this impactful divorce.
Property division
When Melinda Gates filed for divorce, she asked the court to divide property and assets based on the couple’s included separation agreement. However, financial details are not publicly available as of early May. According to People magazine, the couple owns a mansion in Seattle worth an estimated $131 million along with several other homes and extensive land holdings.
The fate of the foundation
In the divorce statement the Gates released together on May 3, 2021, the couple expressed their intention to continue their work with the Bill and Melinda Gates Foundation together. To date, the philanthropic organization has funded nearly $54 billion in worldwide initiatives. Most recently, the foundation committed $1.75 billion to pandemic recovery.
Child custody and support
Like many families, the Gates waited until all three of their children reached adulthood before filing for divorce. As such, child custody and support do not enter the legal negotiations as the famous couple finalizes their split. In fact, Melinda Gates did not request alimony or child support in her Washington divorce petition.
While few of us have the resources available to the Gates family, their approach is available for couples facing divorce. Negotiating a contract with your spouse outside of court allows you to fairly and flexibly divide your shared property.
