Many California readers have been following the divorce saga of Amazon founder, Jeff Bezos and his now former wife, MacKenzie. The two married long before Bezos became the richest man in the world. They have four children together. The former couple recently settled their high-asset divorce.
Bezos' net worth is estimated to be $149 billion. That is about $12 billion more than was reported when the spouses first announced their intentions to divorce. Property division issues are often the central focus of marital breakups like this one. The proceedings are dependent upon the laws of the state where the divorce occurs. Most (but not all) states use equitable property division rules, which means marital property and debt is fairly, although not necessarily equally, divided.
California is one of nine states that operate under community property rules, meaning marital assets and debts are considered equally owned by the parties. MacKenzie apparently surrendered to 75 percent of her Amazon shares to Jeff as part of the settlement. She also gave up her interests in an aerospace company Bezos started in 2000, as well as her interests in The Washington Post.
In some cases, assets are traded in order to finalize a settlement. For instance, spouses might agree that one will keep the house and the other will take ownership of a vacation property or vehicles. Full disclosure of assets and debt is necessary on both sides. Anyone in California currently facing legal obstacles regarding property division in a high-asset divorce can benefit by consulting with an experienced family law attorney for guidance and support.