Italian Prime Minister Silvio Berlusconi’s wife announced this week that she is seeking a divorce from her husband of almost 20 years. Veronica Lario Berlusconi told the media that she was “forced to take this step. I don’t want to add anything else.”

Last week, Veronica complained that her husband’s political party chose female candidates in a “shamelessly trashy” process and accused Berlusconi of going to a coming-of-age party for the 18-year-old daughter of a political colleague but not attending those of his own kids. She also vented publicly about her frustration with her 72-year-old husband’s regular flirtations with young women.

Berlusconi’s official response was that “[t]his is a personal matter that saddens me, that is private, and it seems appropriate not to talk about it.” He was later quoted as demanding a public apology from Veronica.

The conservative premier has had hair transplants and plastic surgery around his eyes in recent years.

The former couple met backstage in a Milan theater where Lario had performed in 1980. They were together for 10 years before marrying in 1990. They have three grown children, ages 24, 22 and 20. So, no custody or child support issues to fight over. But there will be plenty left to argue about.

Berlusconi is a billionaire from his media interests. His businesses own Italy’s three largest private television networks as well as real estate, movie production companies and the AC Milan soccer club. He is the second wealthiest man in Italy with a fortune of about $6.5 billion.

Most of these investments are held by the family’s Fininvest holding company. Berlusconi owns about 63 percent of Fininvest. The remaining interests are owned by other family members including his two adult children from his first marriage and his children with Veronica.

Italy requires a three-year legal separation before a divorce is granted. The legal separation would take care of spousal support and division of marital property. The couple will just have to wait three years before they would become eligible to remarry.

The Italian matrimonial system has an approach to marital property that is very similar to American community property states – each spouse is considered to own 50% of the marital property in the event of a divorce, property owned prior to the marriage or inherited is considered separate property. Italians can, by contract similar to an American prenuptial agreement, choose a “separate property regime” at the time of their marriage which would make property acquired by each party during the marriage their own separate property.

The existence of children from a first marriage (and presumably a desire that they should inherit their fair share of Berlusconi’s fortune) could make this divorce exceedingly complicated if it has not been otherwise addressed. Big stakes in this one!