The divorce announcement by Bill and Melinda Gates, two of the richest people in the world, has been the topic of the week worldwide following the couple’s decision to end their 27 years of marriage. People weighed in with the majority using social media to express their opinions on the impending divorce which Bill and Melinda said was a mutual decision. Gates, co-founder and former CEO of Microsoft, and his wife, Melinda French Gates, announced the divorce on Monday, May 3, in a joint statement. “After a great deal of thought and a lot of work on our relationship, we have made the decision to end our marriage,” the two said in a statement posted on Twitter. “We have raised three incredible children and built a foundation that works all over the world to enable all people to lead healthy, productive lives,” it adds. While some, like radio personality Jackie Lumbasi, argued that there is a season and reason for people to come into our lives, others like Seth Butera said that the divorce of the power couple is a sign that there are things money can’t buy, including love, which is why ‘it ended in tears’ as the youth say these days. Others like Dodo Picard joked about the impending divorce, urging Bill Gates to hit them up in the DM in case he is looking for someone to console him. But beyond the jokes and banter, divorce can be a pain in the neck, especially if it involves splitting money and other assets as the two individuals look to settle in another life. A study done in the UK in 2019 showed that divorce among the rich and wealthy was becoming a common occurrence, with 53 per cent of the divorces initiated by women who feel like they are not part of their husband’s successes. By filing for divorce, they are seeking financial and personal independence, mainly for personal happiness (which they might have lacked with their billionaire/millionaire husbands), in their later years. According to Forbes, the divorce by the philanthropic couple could stack up against the biggest billionaire divorces, involving the biggest split only rivalled by that of Jeff Bezos and MacKenzie Scott after both said that their marriage was “irretrievably broken.” Bill and Melinda said they will remain co-chairs of The Bill and Melinda Gates Foundation, and they will continue to work together to shape the strategies of the foundation and set the organisation’s direction, according to a spokesperson. While the billionaire couple could have already figured out how to split their $130.5 billion fortune, which makes Gates the fourth richest person in the world, splitting money and assets between divorcing couples can be very hectic. Below are some tips to consider while going about the tedious task of dividing your property and money, which, depending mostly on the assets accumulated during the period of your marriage. Check what the law says: Depending on the vows you took at the sector in your civil marriage, you might need to acquaint yourself with what the law says. In Rwanda, Article 199 of the Law Governing Persons and Family, on the effects of nullity of marriage, states that “where the jurisdiction declares null a marriage, it produces same effects towards spouses if it was contracted in good faith. The property is shared in accordance with laws governing their matrimonial regime. Governing Matrimonial Regimes, Donations and Successions clearly states how property, assets and liabilities are shared when couples are parting ways. Matrimonial regime is a system provided for by the law according to which spouses agree to manage their property. Article 4 of the law indicates that Rwanda has three types of matrimonial regimes. They are community of property regime, limited community of property regime and separation of property regime. Keeping it civil: For many couples, divorce gets messy when it comes to division of assets and resources, resulting in lengthy court battles. It is important to keep it civil because at the end of the day, it is the law that will be followed. No amount of bickering and public skirmishes can supersede the law. While it is easier said than done, making the whole process civil and quick makes it easier for the court and minimises time and resources lost back and forth in court. Experts say that if the divorce is mutual, this can be sorted out way before filing to ease the process. Fairness and honesty: Any divorce process that involves dividing marital property begins with taking an inventory of all properties, particularly those accrued during marriage. Again, depending on your matrimonial regime of choice, check if everything is listed in honesty. This also involves listing liabilities which the couple took together like loans, mortgages and other commitments both of you share. This process must be transparent and honest for it to move smoothly. Do not surprise your spouse with debts and liabilities they were not aware about, or stash away money and assets just because you are undergoing a divorce. Understanding your matrimonial regime: Before starting divorce proceedings and initiating property division, refer to your matrimonial regime to avoid embarrassment. If, for example, you signed to separate assets from day one, you will have no room to change your mind and claim an equal share of properties and assets. Assess what the law accords you: Regardless of the matrimonial regime, there are other automatic property and rights given by the law such as retirement benefits, children’s property and others the judge might find appropriate to allocate any of the spouses due to their responsibilities. Avoid drama: The country property ownership system and matrimonial regime will always take precedence. The drama you bring in the courtroom might not do much. Trust the judge to be impartial, to allocate you your benefits properly. Your emotions and wishes add nothing.
