Lorna Jorgenson Wendt

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Lorna Jorgenson Wendt (June 14, 1943 – February 4, 2016) was an American corporate wife whose challenge to the divorce laws in Connecticut set a precedent for the value of the economic worth of corporate spouses. She argued that a wife is a 50-50 partner in a marriage, and therefore worth half of the assets. She was eventually awarded about one-fifth of the estimated worth of the estate. [1]

Contents

Early life and marriage

Jorgenson Wendt was born on June 14, 1943, in Minot, North Dakota. Her father was a Lutheran minister, her mother a homemaker. [1] The couple met in high school; both graduated from the University of Wisconsin, after which they married in 1965. [1] Jorgenson Wendt worked as a music teacher until the birth of their first child in 1968. [2]

North Dakota State of the United States of America

North Dakota is a U.S. state in the midwestern and northern regions of the United States. It is the nineteenth largest in area, the fourth smallest by population, and the fourth most sparsely populated of the 50 states. North Dakota was admitted to the Union on November 3, 1889, along with its neighboring state, South Dakota. Its capital is Bismarck, and its largest city is Fargo.

Lutheranism branch of Protestantism based on the teachings of Martin Luther

Lutheranism is a major branch of Western Christianity that identifies with the teaching of Martin Luther, a 16th century German reformer. Luther's efforts to reform the theology and practice of the church launched the Protestant Reformation. The reaction of the government and church authorities to the international spread of his writings, beginning with the 95 Theses, divided Western Christianity.

Divorce

In 1996, Gary C. Wendt, then CEO of the GE Capital Corporation, began divorce proceedings against his wife. Although Connecticut's divorce law allowed for equitable distribution, not community property as in some states, Jorgenson Wendt filed for half of her husband's $100 million wealth. Rather than the offered $8 million from her ex-husband, the court awarded Jorgenson Wendt $20 million. [3] The ruling extended to 420 pages. [2] Jorgenson Wendt appealed that ruling, wanting one half of the estate, but the original decision was upheld in 2000. [1] [4]

GE Capital company

GE Capital is the financial services unit of the American multinational conglomerate General Electric. It provides commercial lending and leasing, as well as a range of financial services for commercial aviation, energy, and support for GE's industrial business units.

Connecticut state of the United States of America

Connecticut is the southernmost state in the New England region of the United States. As of the 2010 Census, it has the highest per-capita income, Human Development Index (0.962), and median household income in the United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its capital is Hartford and its most populous city is Bridgeport. It is part of New England, although portions of it are often grouped with New York and New Jersey as the Tri-state area. The state is named for the Connecticut River which approximately bisects the state. The word "Connecticut" is derived from various anglicized spellings of an Algonquian word for "long tidal river".

Community property or Community of Property is a marital property regime under which most property acquired by a spouse during a marriage, is owned jointly by both spouses and is divided upon divorce, annulment or the death of a spouse. Community property is premised on the theory that marriage creates an economic community between the spouses ; and that the marital property attaches to that interpersonal community, rather than to the spouses themselves..

Jorgenson Wendt formed the Institute for Marriage Equality in 1998, which she ran until it closed in 2006. [1] She lectured throughout the country on issue of the value of a wife's contribution to a marriage. [5]

Impact of the case

Jorgenson Wendt was on the cover of Forbes magazine with the headline "What's a Corporate Wife Worth?" [6] She went on to become an advocate for prenuptual agreements. [1]

<i>Forbes</i> American business magazine

Forbes is an American business magazine. Published bi-weekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law. Its headquarters is located in Jersey City, New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek. The magazine is well known for its lists and rankings, including of the richest Americans, of the world's top companies, and The World's Billionaires. The motto of Forbes magazine is "The Capitalist Tool". Its chair and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. It was sold to a Hong Kong-based investment group, Integrated Whale Media Investments.

A prenuptial agreement, antenuptial agreement, or premarital agreement (PNA), commonly abbreviated as prenup, is a contract entered into prior to marriage, civil union, or any agreement prior to the main agreement by the people intending to marry or contract with each other. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage. They may also include terms for the forfeiture of assets as a result of divorce on the grounds of adultery; further conditions of guardianship may be included as well. It should not be confused with the historic marriage settlement which was concerned not primarily with the effects of divorce but with the establishment and maintenance of dynastic families.

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References

  1. 1 2 3 4 5 6 Fox, Margalit (February 6, 2015). "Lorna Jorgenson Wendt, 72, Defender of Rights of Corporate Ex-Wives". The New York Times. Retrieved 6 February 2016.
  2. 1 2 Mangan, Dan (February 5, 2015). "Lorna Wendt, of GE Capital 'corporate wife' divorce, dies". CNBC News. Retrieved 6 February 2016.
  3. ↑ Morris, Betty (February 2, 1998). "It's Her Job Too Lorna Wendt's $20 million divorce case is the shot heard 'round the water cooler". Fortune Magazine. Retrieved 6 February 2016.
  4. ↑ MacIntosh, Jeanne (September 1, 2000). "$20M NOT ENOUGH FOR EXEC'S EX". New York Post. Retrieved 6 February 2016.
  5. ↑ Dubin, Murray (February 1, 2000). "Still A Champion For Corporate Wives Her Divorce In 1997 From A Wealthy Ceo Raised The Question: How Much Is A Wife Worth?". The Philadelphia Inquirer. Retrieved 6 February 2016.
  6. ↑ Velsey, Kim (August 12, 2012). "Famous Divorcée Lorna Wendt Buys Lincoln Square Co-op". The Observer. Retrieved 6 February 2016.
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