The founder of a well-known hedge fund firm recently filed for divorce from his 43-year-old wife, citing ‘irreconcilable differences.” The 45-year-old husband is a billionaire, according to authorities, and his high-asset divorce may serve as an interesting example for nigh-net-worth couples in Texas considering divorce.
In the four-page divorce filing, the billionaire claims that his 11-year marriage suffered an ‘irretrievable breakdown.” The couple married in 2003, when they signed a prenuptial agreement. According to representatives for the 45-year-old husband, the agreement governs all marital issues, not excluding the division of both marital and non-marital property. However, authorities state that the divorce will not impact the finances of the hedge fund firm founded by the husband, which is worth an estimated $20 billion.
Reportedly, the husband and his wife have three children together. All three kids are under the age of six. According to the divorce filings, the husband is seeking joint custody of the kids.
The 43-year-old wife asserts through a representative that her husband did not give her any notice before the July 23 filing. She claims that she and the couple’s children were on vacation at the time and so is unable to respond to the filing.
Dividing property is a complex process in any divorce, but it presents a particular challenge when the couple is wealthy and possesses substantial assets. There are many complex considerations unique to high-asset divorces, such as business valuations, stock options, secondary homes, investment properties and valuable jewels. Moreover, there is often a premium placed on confidentiality in high-asset divorces. That is because dissemination of private information may have an adverse effect on a high-net-worth individual’s business, private practice or career. On account of these reasons alone, it is critical that high-asset individuals retain the counsel and representation of a family law attorney when ready to dissolve their marriage.
Source: Bloomberg, “Citadel’s Griffin Seeks Divorce After 11-Year Marriage“, Andrew Harris, Saijel Kishan and Katherine Burton , July 24, 2014