Bill and Melinda Gates never signed a prenup. This is how they will divide their wealth.
The philanthropic couple announced their divorce on Monday, after 27 years of marriage.
Amid the news of Bill and Melinda Gates' divorce, TMZ recently revealed that the philanthropic couple never signed a prenuptial agreement.
The tabloid obtained a copy of the couple's divorce papers, showing that the couple instead signed a separation contract that they told the court to enforce.
While a prenuptial agreement is created before the parties are married and identifies what each party will retain if a divorce occurs, a separation contract is a "post-nuptial agreement" that is signed when the two parties are considering divorce but are legally married. . Although a separation contract can dictate the division of property and address spousal support, it cannot include any provisions related to child support and custody, according to the Twiford Law Firm.
Based on the aforementioned divorce filings, the couple agreed to divide the real estate, personal property, debts, and liabilities as "set out in our separation contract." Spousal support "is not necessary," the couple added.
"This marriage is hopelessly broken," Melinda wrote in her divorce petition. "We ask the court to dissolve our marriage and find out that our marital community ended on the date stated in our separation contract."
The couple announced their divorce in a statement Monday.
"After much thought and hard work on our relationship, we have made the decision to end our marriage," the two said in a joint statement. "Over the past 27 years, we have raised three incredible children and built a foundation that works around the world to enable all people to lead healthy and productive lives. We continue to share faith in that mission and will continue our work together in the foundation, but we no longer believe that we can grow together as a couple in this next phase of our lives. We ask for space and privacy for our family as we begin to navigate this new life. "
The couple first met in 1987 at a work event in New York. They were married seven years later, on New Year's Day in Hawaii. They have three children together: Jennifer, Rory, and Phoebe.
A court is expected to review the Gates' divorce applications in September.
