Most high asset divorces in Ohio are slow, arduous procedures. When such a divorce is completed quickly, it could be a welcome sight to litigants who want to move on with their lives. However, it could also be a ruse to mask fraudulent intentions.
The story of a recent post-divorce fraud lawsuit in Tennessee is a prime example of this notion. The ex-wife of a commodities financier is suing for fraud after learning that her ex-husband allegedly sped up the divorce to avoid paying her a larger share of his interest in the company he worked for.
According to a report by the Tennessean.com, the financier was intent on finalizing their divorce before the end of December 2011, which was when an important tariff controlling ethanol imports was expected to expire. This would mean that the company's worth would skyrocket. Specifically, ethanol demand in Brazil was about to grow dramatically, and the company's newest deal in the country would be much more than what was valued in the divorce petition.
When the divorce was finalized, the wife was awarded $6.8 million, which represented her share of her husband's $15 million interest in the company. However, less than a year after the divorce was finalized, the husband sold his interest for $100 million.
Because of this, the wife now wants the divorce settlement set aside so that the actual worth of the husband's interest can be considered.
The case also exemplifies the need for keen legal counsel and financial experts to help divorcees avoid the impact of fraud.
Source: Tennessean.com, Williamson woman says ex sped up divorce then sold $100M company, July 30, 2013