Recently, Jeff Bezos and his wife, MacKenzie, announced via Twitter that they were going to divorce. Jeff Bezos is the founder of Amazon and is thought to be worth approximately $136 billion, making him one of the wealthiest men in the world. The public was soon shocked to learn that they did not have a prenuptial agreement. What does this mean for the Bezos’ divorce? Is it possible that MacKenzie could be left with nothing?
That scenario is not likely. Due to the fact that the Bezos’ live in Washington, a community property state, both spouses are probably going to receive 50 percent of all assets accumulated during the marriage. The news has also left many wondering how this division of property would work if the couple lived in Illinois. The question is a good one, as Illinois operates under very different rules.
Community Property States
Currently, only nine states in the country are community property states: Louisiana, Arizona, California, Texas, Idaho, Nevada, New Mexico, Wisconsin, and of course, Washington. In these states, any income, property, or other assets acquired during a marriage are considered community property. Upon divorce, each spouse will then receive 50 percent of those assets, in most cases. This means that even without a prenuptial agreement, MacKenzie and Jeff Bezos will likely each receive half of the income earned from Amazon during their marriage, in addition to half of the many real estate properties they own and any other financial assets....
My spouse and I have been married 15 years. I want to get a divorce, but I have been a stay-at-home mom for the past 10 years. I have no money, and everything is in my spouse's name. I do not know how I will be able to start over from scratch.
Questions similar to the one above are often posted to social media and divorce-related websites, and understandably, those in these situations are concerned. When it comes to divorce, there is a difference between marital and separate property, and separate property is not involved in the division of property. But simply because one spouse's name is not on a title does not make it separate property.
Property Division in Illinois Divorce...