When it comes to fortunes in the millions of dollars, it can be mind-boggling. But for one California couple married over 30 years, their net worth is counted in billions. Pimco founder and his wife have filed for divorce, citing irreconcilable differences. The couple has notably made many generous donations to a variety of worthy causes over the years.
On the petition form, the wife noted that she wasn’t yet aware of all the financial holdings the couple has amassed together. With the business and the charitable donations alone, it can be difficult to assess how the marital property may be divided. Since the couple’s marriage lasted over 30 years, many money markets, businesses or trusts could have been established that amass their vast wealth. Add in any liabilities and the thought of accounting the wealth can seem mind boggling during the division of assets.
However, good records and financial accounting can help to paint a picture of any couple’s financial situation. Regardless of whether you are a billionaire or not, everyone filing for divorce should get a handle on the status of their finances. Understanding cost of living can be helpful in understanding how single life may look different from married life. Counting cash flow can help to understand where a couple’s money originates and flows out.
Since the couple owns a publicly traded company, shareholders are interested in how the divorce will play out. The company’s well-being is also a thought of many that could be affected by big decisions. It is unknown right now if the couple is amicable or not. Communication can really help to break-down barriers and can help change the process to be more favorable for all involved.
Source: bloomberg.com, “Pimco Co-founder Bill Gross’s wife of 31 years seeks divorce,” Edverd Pettersson, Dec. 8, 2016