Family law issues in Illinois can lead to disputes between spouses. The more marital assets at issue, the greater the possibility that there could be a long, drawn out process as to how the situation is resolved. When it comes to family law, these cases can be among the most contentious and acrimonious, sometimes taking years to settle. When there are significant assets and items in dispute, those who are involved need to keep a clear head and understand the importance of legal assistance.
The high asset divorce between a billionaire hedge fund manager and his wife has been settled after more than a year. The settlement comes right before the case regarding their prenuptial agreement was set to go to trial. The man and his now-former wife had married in 2003. They have three young children and the agreement stipulates that they will have joint custody. The wife initially wanted sole custody and had planned to move to New York with the children. That has since been rescinded. The main issue in this case had been whether or not the prenuptial agreement was valid, but that was settled with the decision to end the case.
With a divorce whether it is of the high asset variety, involves working class people, or those with limited assets, it is imperative that the participants protect their rights. In the best-case scenario, a divorce will be amicable with the parties choosing to end the relationship but not turn the legal handling of the case into an extended battle. Unfortunately, that is rare. There are so many issues that arise in any kind of a divorce whether it has to do with property, children, living arrangements, finances, alimony and more that those who decide not to protect their own interests frequently regret it.
In this case, the hedge fund manager and his wife parted ways after eleven years of marriage and have spent the better part of a year in dispute over the settlement and the validity of the prenuptial agreement. Rather than move forward with the hearing regarding the prenuptial agreement, the couple chose to settle the case. Those who are involved in a high asset divorce or any other kind of family law issues need to be cognizant of their future and seek the help they need from the start.
Source: Chicago Tribune, “Ken Griffin, Illinois’ richest man, settles contentious divorce case,” Becky Yerak, Kim Janssen, Oct. 7, 2015