A Georgia billionaire best known for co-founding retail giant Home Depot and purchasing the Atlanta Falcons in 2002 will get divorced after 16 years of marriage. Arthur and Stephanie Blank have been separated since October 2011, but negotiations over marital assets and money have reportedly stalled a formal divorce filing.
According to official documents submitted to a Georgia court, Stephanie Blank claims her marriage with Arthur is irreparably broken, although a separate statement claims the soon-to-be divorced couple are still "great friends."
Although it took over a year for Stephanie, 45, to file for divorce against Arthur, 70, the impending divorce appears likely to be much more timely. The Blanks have reportedly already established an exhaustive divorce settlement that will address their property, cash and other assets. Additionally, Stephanie's filing claims that the couple has also agreed to a "comprehensive parenting plan" covering custody of their three children and other related issues.
The Blanks' settlement will save them from what would have likely been a costly and time-consuming trial; Arthur Blank is estimated to be worth approximately $1.3 billion, which may have resulted in a difficult and long asset distribution process. It is currently unclear how the couple will divide their money, as the details of their divorce settlement are confidential and sealed from the public.
In addition to his extensive business endeavors, Arthur Blank is also known for philanthropy. According to one news outlet, he has given away approximately $250 million through his foundation. His wife has helped target much of this money toward young people across Georgia. Arthur has also signed Bill Gates's and Warren Buffet's Giving Pledge campaign, promising to eventually donate at least half of his wealth to charitable organizations.
In recent news, Arthur Blank has vowed to keep the Falcons in Atlanta in the midst of rumors that the team is considering relocating to another state.
Source: The Inquisitr, "Atlanta Falcons Owner Arthur Blank Served With Divorce Papers," Robert Jonathan, Feb. 4, 2013