Some Illinois divorces are modest and will be resolved in an amicable fashion without fuss or bother. Others are a high asset divorce that lead to significant acrimony and ongoing disputes before, during and after the divorce has been finalized. Such issues as property division, how much alimony will be paid and other details will be part of the process. Those who are planning to divorce and have significant assets at stake need to be fully aware of what they are dealing with from the start.
A businessman whose marriage ended in divorce is still battling his ex-wife about how their assets will be split. The man is a founder of a treatment center for people with cancer. He and his ex-wife completed their divorce in early 2016, but there are other issues that are in dispute in the current trial. The man faced a setback as he attempted to place a limit on or dismiss some of his ex-wife’s claims to his assets and that request was denied. The divorce proceeding took six years after 25 years of marriage.
There was a prenuptial agreement prior to their 1991 wedding. The prenup was declared valid, but the judge is now in the process of sifting through it to come to an interpretation as to how it will be enforced. The ex-wife requested more than $150,000 monthly to continue her lifestyle, but the judge awarded $47,000 per month. The division of assets is still up in the air. The couple has agreed to try to negotiate a settlement to the disagreement and end the court proceedings and accompanying time and costs.
While some people might not be able to relate to a case in which one person is seeking $150,000 per month in spousal support, there are often parallels with any divorce proceeding. If, for example, a couple started a business and there are contrasting views as to the contribution of each to its growth, that can be viewed as a similar dynamic to this high asset divorce. Regardless of the specifics, those who are in the process of divorce need to make sure their legal rights are protected by speaking to an attorney about the case.
Source: Chicago Tribune, “Millionaire cancer center founder dealt early setback in divorce trial,” Robert McCoppin, April 13, 2016