(FORTUNE Magazine) – Neutrogena Chairman Lloyd Cotsen, 63, is washing his hands of his second wife, Jacqueline, 54. The question is, will he have to do the same with his $2.3- billion-a-year company to reach a divorce settlement? Cotsen controls 60% of Neutrogena's stock, worth $325 million, according to analyst Andrew Shore of Prudential Securities. Because the couple live in the community-property state of California, Lloyd may have to sell some of his holdings to pay Jacqueline, a member of Neutrogena's board and a highly regarded cosmetics industry consultant. The couple have until May 6 to work out an agreement -- or else a judge will do it for them. Cotsen claimed irreconcilable differences when he filed for divorce last summer. His wife has a more titillating version: She says her husband was unfaithful, although a third party is not named in court records. ''I found out about the affair over a year ago,'' she says. ''I just chose not to talk about it.'' Lloyd Cotsen declined requests for an interview. Both Cotsens contributed to Neutrogena's success. Says Jacqueline: ''When we met in 1980 ((Cotsen had invited her to join the board)) Neutrogena was a $29 million soap company. I thought the direction should be changed. Today it is a skin, hair, and body care company.'' Lloyd Cotsen joined Neutrogena in 1957, after he married the boss's daughter, Jo Anne Stolaroff. His marketing skills helped make the amber-colored soap bars widely available. Cotsen's first marriage ended in 1979 when a gunman entered his home and murdered his wife, a guest, and one of the couple's four children. Beverly Hills police identified the murderer as a Belgian business rival who had feuded with Cotsen over rights to the Neutrogena trademark. The gunman died under mysterious circumstances before police could interview him. Jacqueline Cotsen, who says that she and Lloyd are now on friendly terms, expects to get her share of community assets, which include company stock and the couple's Bel Air mansion (once occupied by Elizabeth Taylor). She says she has no plans to resign from Neutrogena's board. Analyst Shore speculates that Lloyd Cotsen will soon try to boot her off the board and that he may eventually sell Neutrogena. Friendly indeed.