Does money make people happy? There is no factual answer to this age-old question. What can be said is that for many couples, the comfort and security of being financially sound is a strong enough foundation to keep the marriage whole through better or worse.
On the flip side, money, be it seven figures or ten, can lead to the downfall of a marriage. For some, wealth can propagate spending disagreements, dysfunction in the family, an imbalance of power between the spouses, increased narcissism and a lack of trust and morality.
High-Net-Worth Divorces
When high-net-worth* couples divorce – those with assets in the millions and billions – many may wonder why these people who seem to have it all fight tooth and nail over money, property, shares and stocks, jewelry and more. Not to mention that these couples are willing to spend years and often hundreds of thousands if not millions of dollars in legal fees.
It’s no wonder people are fascinated and entertained by high-net-worth divorces, especially when they involve celebrities, public figures and the wealthiest people in the world. And the media certainly does its part to feed the publics’ appetite for scandal and sensationalism.
*To be more specific, the financial world defines high-net-worth as:
- High-net-worth individuals (HNWIs) have liquid assets between $1 and $5 million
- Very-high-net-worth individuals (VHNWIs) have liquid assets between $5 and $30 million
- Ultra-high-net-worth individuals (UHNWIs) have liquid assets exceeding $30 million
Billion Dollar Divorce Club
While some of the names below may not be familiar, the following details four of the most financially staggering divorce settlements in the US.
Jeff Bezos and MacKenzie Scott – After a three month courtship, Jeff Bezos and MacKenzie Scott tied the knot in 1993. Neither could have ever imagined what would happen when they moved to Seattle the same year to start an online retail bookstore called Amazon. Twenty-six years later, and billions of dollars richer, Bezos and Scott filed for divorce in 2019. Their divorce was amicable, with each respecting the roles the other played in building the business. With no prenup agreement, they were able to come to a settlement within the same year. At the age of 49, Scott walked away with a breathtaking four percent stake in Amazon (19.7 million shares), worth an estimated value of $38.3 billion. At the time of the divorce, Bezos retained a 12% stake in the company worth $114.8 billion, which kept his name in the number one spot as the world’s richest person. Scott moved on to become a prominent philanthropist, making substantial donations to various charitable causes. By March of 2022, Scott had donated $3.9 billion to 465 nonprofits within a nine month period.1 2
Rupert and Anna Murdoch – Media mogul Rupert Murdoch, executive chairman of News Corp and co-chairman of Fox Corporation and his wife, Anna, divorced in June of 1999. While the proceedings started out as amicable, things went sour along the way, perhaps due to Murdoch’s relationship with TV journalist Wendi Deng, whom he married 17 days after the divorce was finalized. Regardless, Mrs. Murdoch walked away with a cool $1.7 billion settlement, including $110 million in cash.3
Alec and Jocelyn Wildenstein – Art dealer and racehorse owner Alec Wildenstein and his wife, Jocelyn, a socialite and frequent plastic surgery patient, divorced in 1999, following two years of negotiations. Mrs. Wildenstein was awarded a flat $2.3 billion payout, plus $100 million for the next 13 years. Rounded up, her total settlement was $3.8 billion. A caveat of the settlement, the court decreed that Mrs. Wildenstein may not spend any of the money on cosmetic surgery.3
Steve and Elaine Wynn – The Las Vegas power couple, Steve and Elaine Wynn, are known for more than just co-creating the conglomerate Wynn Resorts. Initially married in 1963, they divorced in 1986. Five years later, they remarried in 1991. They divorced again in 2010, apparently for the last time. As part of the second settlement, Mrs. Wynn received 11 million shares of Wynn Resorts stock, worth an estimated value of $741 million (in 2010). Mrs. Wynn also received approximately $259 million in cash, putting her grand total around the $1 billion mark.3
Intriguing International Divorces
Not to be outdone by the US set of divorcees, high-net-worth couples abroad have had their fair share of stunning divorce settlements. Here’s a look at three pricey divorces, each with an unexpected twist in the end:
Dmitry Rybolovlev and Elena Rybolovleva – In 2014, a Swiss court ordered Russian billionaire and oligarch Dmitry Rybolovlev, who had an estimated net worth of $8.8 billion, to pay his ex-wife, Elena Rybolovleva, an astonishing $4.5 billion. In addition, Mr. Rybolovlev, the owner of the French soccer club AS Monaco, was ordered to deliver a $146 million piece of property in Gstaad, Switzerland and two other properties to his ex-wife. At the time, some considered the judgment to be the biggest divorce settlement in history. Unfortunately for Mrs. Rybolovleva, it didn’t last for long. In May of 2015, a Swiss appeals court cut Mrs. Rybolovleva’s payout to $600 million.4
Chey Tae-won and Roh So-young – This past May, South Korean tycoon Chey Tae-won was ordered to pay his ex-wife, Roh So-young, $1 billion in cash. Tae-won made his fortune as the chairman of Korea’s second largest conglomerate, which operates in various sectors including energy, chemicals, telecommunications, semiconductors and biopharmaceuticals. This is the country’s largest divorce settlement, ever. The awarded amount, determined by the Seoul High Court, was almost double the amount a lower court ruled in 2022. The couple had been married for 35 years and had three children together.5
While the following does not fall into the high-net-worth category, it is a large part of a story that has fascinated the world for decades.
Princess Diana and Prince Charles – The death of Princess Diana on August 31, 1997 rocked the world. It may be surprising to learn that her divorce from Prince Charles, which she told a friend was “the saddest day of her life,” was finalized just 12 months prior. After separating in 1992 under pressure from the Queen, their negotiations dragged on for four years. After three years of back and forth, Diana left the discussions to her representatives. In August of 1996, the divorce was official. Diana was awarded a $22.5 million cash settlement and a lifetime payout of $600,000. For the one year preceding her death, Diane retained ownership of her home at Kensington Palace, her priceless jewelry collection and her privileges, which included flying in royal planes. However, Diana was stripped of her title “Her Royal Highness” and she could no longer be referred to as Princess of Wales. Interesting to note, today, the British Royal Family’s net worth is estimated to be $28 billion.6 7
Mediation for All Levels of Divorce
No matter the amount of money at issue in a divorce, it is my job as a mediator to fulfill both parties’ needs – confidentiality, privacy, control and an expeditious process. For the past eleven years I have exclusively practiced family mediations, following my 18-year career in litigation. Attorneys and clients can count on my expertise to bring creative solutions to the table that lead to an amicable outcome for both parties.
Sources:
1Jeff and MacKenzie Bezos, Yahoo! Finance; 2Reuters