Las Vegas Divorce May Create New Billionaire
It’s hard to imagine a situation where you lose half your assets and your STILL on the Forbes list of billionaires. But that’s exactly the situation Steve Wynn finds himself in after having finalized a divorce from his wife Elaine. Since they’ve presumably split what they owned she’ll now likely have a separate spot on the list. Forbes gives more details:
News of the split has been public for months, fueled at first by reports in early 2009 that Steve Wynn was dating a younger British woman. The details of their split were later spelled out in a series of company filings that reveal the intricacies of divvying up a fortune worth nearly $4 billion at its height. A January 5th SEC filing shows Elaine P. Wynn, a director at Wynn Resorts since 2002, receiving 11,076,708 shares of the casino company in connection with the couple’s divorce settlement.
Those shares, once held as “community property,” are worth $795 million at the company’s current share price of $72, adding to the $114 million the Wynns realized from stock sales in mid-August.
Some, if not all, of that $114 million will go to Elaine, judging by an August press release, which says the shares “were sold to provide liquidity in anticipation of the change in their marital status.” That pile of dough would leave her with a net worth that approaches $1 billion.
You may not have billions of dollars at stake, but a divorce can wreak havoc on your finances. You need an experienced Knoxville divorce lawyer on your side. Call us today to set up a free consultation with an attorney.
