Most of us cringe when thinking about the prospect of
dividing your marital assets with an ex-spouse. Who gets what and why? The process is too important
to overlook but can be a painful headache if handled incorrectly. But
few divorces can compare to a settlement recently announced in Chinese
Zhou Yahui, who is the current and respected chairman of an online gaming
company, Beijin Kunlun Tech, is divorcing his wife. As part of the divorce
settlement, he will be transferring her company stocks valued at around $1.1
billion. There are
high-asset divorces and then there are
extremely high asset divorces!
While $1 billion is certainly nothing to scoff at, Zhou will still keep
the majority of his company’s stocks, keeping him in control of
the firm and keeping him above water. In early 2016, the company’s
total value was estimated around $3.5 billion. Furthermore, the transfer
of stocks can be easier than actually moving money from one account to
another in the way that it does not appreciably affect controlling interests;
it can also divide corporate holdings without having to adjust for tax
implications and potential fees.
Zhou made a sizeable portion of his fortune after buying the majority of
the popular dating app, Grindr, which marked him as one of China’s
many newly-founded billionaires. The country does not expect his divorce
to be the last in the news, as the rate of divorces is on the rise in China.
Finally, it is worth noting that a $1.1 billion settlement is jaw-dropping
but it is likely not record-breaking. Numerous billionaires have divorced
in recent years but managed to keep their agreements out of the public’s
eye; it is believed many ex-spouse’s collected a billion dollars
or more in marital assets. And back in 2014, a Swiss court nearly made
a Russian oligarch hand over $4.5 billion to an ex-wife, but the amount
was reduced after an appeal.
If you would like more information about Zhou’s divorce,
CNN Money posted an informative article online (click here to view). For divorce law information in Rhode Island, be sure to
contact TJC ESQ and our team of highly-experience Providence family law attorneys today.