Arthur Blank, a billionaire in Georgia, known for being the co-founder of Home Depot and the owner of the Atlanta Falcons, was recently served divorce papers. His wife of 16 years filed for divorce in Fulton County after the couple had been estranged since 2011.
The divorce filing states that the union is "irretrievably broken," and that the couple has already reached a confidential settlement agreement. It is not unusual for wealthy couples to have a confidential divorce settlement agreement, especially if one spouse or the couple is well-known in the community.
The couple's settlement agreement includes a parenting plan that both parties agreed to stay involved and still raise their three children together.
The couple was married for 16 years and acquired significant wealth during the marriage. Blank has been an active philanthropist for a long-time and has pledged to give away at least half of his wealth to charities.
An abundance of wealth can sometimes complicate divorces in Georgia. Since the couple was married for 16 years, the wife is entitled to a lot more assets acquired during the marriage compared to couples who split before they have been married for 10 years.
While this couple has already agreed to a divorce settlement agreement, which includes a parenting plan, many couples with significant wealth may find it difficult to negotiate a divorce settlement, especially when there are a lot of assets and property to be divided.
Wealthy couples often face more challenges during their divorce. Each spouse should consult their own divorce attorney to work for their best interests and to try and negotiate the best settlement agreement for each party involved.
Source: Atlanta Business Chronicle, "Report: Falcons owner Blank served with divorce papers," Carla Caldwell, Feb. 8, 2013
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