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Prenuptial agreements focus of many high asset divorces

Florida residents may find it interesting to learn that recently the divorce filing between the billionaire CEO of Citadel LLC and his wife made the news. According to reports, the parties will likely end up closely examining the prenuptial agreement, reviewing any loopholes found in the prenuptial agreement language and ensuring that either side does not conceal assets.

In high asset divorce such as this, parties sometimes fear that the other spouse will hide assets and based on this fear the divorce proceedings could devolve into a dispute. In this case, the CEO is estimated to have an estimated net worth over five billion dollars. In addition to the significant monetary assets in question, the couple must also deal with who gets the homes, planes and other property. The couple has two condominiums in Chicago and homes in three other states, including at least one home in Florida.

According to reports a prenuptial agreement is in place. Reportedly, under the terms of the prenup the wife is expected to get a lump sum amount while the CEO is to take care of all financials matters related to their children. Generally, when it comes to prenuptial agreements, as long as both sides had legal representation and there was full disclosure of assets, the terms of a prenuptial agreement may not raise any concerns.

However, sources familiar with this divorce report that it is unlikely that the couple's divorce will be settled in an amicable and collaborative manner. In similar high asset divorce cases, the monetary settlement did not conclude for years. When billions of dollars are at stake, the parties will make sure that they are not leaving any stone unturned during asset division. Having legal counsel by one's side during such matters may prove extremely helpful.

Source: Chicago Business, "What happens next in Ken Griffin divorce case," Shia Kapos, July 28, 2014

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