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Founders of charitable organization headed for divorce

Whether in Ohio or elsewhere, marriage is not easy. Sometimes it just does not last, no matter how long it has been since vows were exchanged. One of the founders of Pacific Investment Management Co. (Pimco), Bill Gross, and his wife of 31 years, Sue, are seeking a divorce. Mrs. Gross claims there are irreconcilable differences between the two that cannot be surmounted. She filed her divorce petition in November.

The petition did not list financial details, as Mrs. Gross reportedly does not have a complete picture of the couple's fiscal holdings. The latest figure attributed to the wealth of Mr. Gross was approximately $2.1 billion after winning a sizeable amount in a lawsuit against Pimco. He claims he was unfairly forced out of his company by a group of his co-workers who did not want to pay him a $200 million bonus. He now runs another company valued at nearly $2 billion.

The couple began a charitable foundation that has given away nearly $800 million since its inception. Although they work together with the foundation, Mrs. Gross is the one who oversees the operation. The petition was filed in California, a community property state. A report on the divorce did not mention whetehr a prenuptial agreement exists.

Those who have been through a divorce know how financially, emotionally and sometimes physically draining it can be. Someone going through this process needs an advocate to ensure his or her rights are protected. As different states have differing laws on this subject, it is best to find an attorney with a thorough knowledge of the family laws of Ohio.

Source: bloomberg.com, "Pimco Co-Founder Bill Gross's Wife of 31 Years Seeks Divorce", Edvard Pettersson and John Gittlesohn, Dec. 8, 2016

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