NEW YORK (CNN/Money) - Jane Welch plans to divorce former General Electric Corp. CEO Jack Welch and apparently will be entitled to some of the business icon's wealth, according to a published report Tuesday.

The New York Daily News reported that Jane Welch has hired Manhattan family law attorney William Zabel, who acknowledged he was drawing up financial settlement papers and eventually would file for divorce. Zabel would not comment on whether or not the divorce arose from recent allegations of an affair between Jack Welch and former Harvard Business Review editor Suzy Wetlaufer, the paper said.

The paper also reported that the Welches entered a pre-nuptial agreement when they married in 1989, but that agreement has expired, meaning Jane Welch could be entitled to a portion of Jack Welch's wealth. The paper said Welch earned $76 million in 2001.

Jack Welch, 66, served as chairman and CEO of General Electric (GE: Research, Estimates), the world's largest company in terms of stock capitalization, for 20 years. His latest book, "Jack: Straight from the Gut", has been a bestseller. He earned the gratitude of GE shareholders -- and the nickname "Neutron Jack" -- for his relentless cost cutting.

Welch has four children from a previous marriage but none from his marriage to Jane Welch.