High net-worth divorce two decades in the making

Divorces happen all over the country every day; from Massachusetts to Florida, from the rich, to the not so rich. One high net-worth divorce in New York is making a headline splash all over the world.

Rolling Stone magazine’s founder Jane Wenner and his wife of 43 years have divorced. Jane Wenner filed for divorce in the New York Supreme Court last June. The high net-worth divorce comes two decades after Wenner the couple, who are said to remain friendly, separated. But now they have finally signed on the dotted line and gone their legal separate ways with a tight-lipped multimillion-dollar settlement agreement.

News of the divorce brought rumors that the Wenner Media publishing company would fold. In addition to the iconic rock music magazine, Wenner’s company also owns Us Weekly, Men’s Journal and Family Life magazines. However, it appears the couple settled everything amicably. The former Mrs. Wenner will reportedly receive a large cash amount.

Wenner Media has reportedly made its founder $500 million. The former couple has already placed the company into a trust and will continue to share the profits. The couple’s three children and some nieces and nephews hold ownership interests as well. Since splitting from her husband nearly 20 years ago, Jane Wenner has stayed on as the company’s vice president. She helped her husband found the company in 1967 when he borrowed $7,500 to start his first magazine, Rolling Stone.

Since then, Wenner’s empire has grown exponentially. He now owns a 6,300-square-foot home in the Hamptons as well as a country home in upstate New York and a ski condo in Sun Valley Idaho. Wenner sold his share of the home in the Hamptons to his now ex-wife for $17.57 million dollars. She is now the sole owner of that property, as well as a Manhattan town house they shared.

Divorce can be a challenge and many are often bewildered and confused by matrimonial law and procedure. Whether a high net-worth divorce or not, Massachusetts residents who are considering filing for divorce may benefit by contacting an experienced divorce lawyer. The attorney can help with the process and assist in reaching an equitable division of assets and any other pending issues.

Source: The Mail Online, “Rolling Stone founder Jann Wenner finally divorces wife of 43 years… two decades after they split and he moved on with gay lover,” Daniel Bates, Oct. 27, 2011

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