According to rumors from German tabloid papers, the billionaire Wolfgang Porsche has decided to divorce his wife. According to reports, he is choosing to end his marriage because her dementia-like illness has made it impossible for him to live with her. He also states that her personality has changed to the point where he no longer recognizes the woman he married. This is still an unconfirmed report, but it has been repeated across numerous sources.
Who is Wolfgang Porsche?
Wolfgang Porsche is the youngest son of Ferdinand “Ferry” Porsche, the man who founded auto manufacturers Volkswagen and Porsche. Wolfgang’s oldest brother Ferdinand “Butzi” Porsche helped design the Porsche 911. Wolfgang is a billionaire, having established his own business importing motorbikes to Austria and later joining Daimler-Benz. He also serves on the Supervisory Board of Porsche AG. He became Chairman of Porsche AG and Porsche Automobil Holding SE in 2007, and today he serves as a member of the board of directors. Wolfgang’s net worth is relatively unknown, but most estimates are around $4 billion. The Porsche family fortune is said to be worth more than 20 billion euros (about $21.5 million).
Is Dementia Legal Grounds for Divorce?
It is unclear whether Porsche will file for divorce in Germany or Austria since he has connections with both nations. However, neither country mentions mental health or dementia as legal grounds for divorce. Only no-fault divorce is allowed in Germany, and Austria only mentions two grounds for divorce: Violence and adultery. That being said, Wolfgang doesn’t need to file a fault-based divorce, and he can simply end the marriage based on irreconcilable differences.
Is Dementia Just an Excuse?
Some might say that this billionaire is simply using dementia as an excuse to end his marriage. After all, he is apparently living with another woman while this story is unfolding. But there are indications that his wife is indeed going through serious medical issues right now, and her two daughters are apparently spending most of their time caring for her.
How Much Will the Wife Receive in a Divorce?
It is also not clear how much the wife will receive in a divorce settlement since no one really knows whether she and Wolfgang signed a prenuptial agreement. One would assume, however, that they did – especially given the Porsche family’s wealth. We also need to consider the fact that if the wife really is suffering from a dementia-like illness, she will need to be represented by a third party during the divorce proceedings. This individual is typically an appointed guardian, conservator, or someone with power of attorney. In many cases, it is the divorce lawyer themselves who fills this role.
The people receiving the funds in the divorce settlement will be the wife’s beneficiaries – probably the two daughters who are now taking care of her. Either way, it is a difficult situation and one that may threaten the reputation of the Porsche family if they are not careful.