Over the last few months, it seems as if the news headlines have been filled with stories of not just high-profile divorce cases, but high-profile divorce cases with potentially billions of dollars at stake.
Take the example of Harold Hamm, the billionaire Oklahoma oil magnate who is still locked in a bitter divorce battle with his ex-wife despite having written a check for close to $1 billion. Alternatively, consider the case of Ken Griffin, founder of the Chicago-based investment firm Citadel, which is estimated to be worth close to $5.5 billion.
What makes Griffin’s divorce case so interesting is that his ex-wife Anne Dias Griffin, a former hedge fund manager, is not only asking the court to throw out the prenuptial agreement she signed prior to the couple’s 2003 marriage which promised her roughly $50 million, but also for it to award her almost $1 million per month in child support.
According to court documents filed by Ken Griffin, his ex-wife reported the following amounts being spent each month on child-related expenses:
- $300,000 for private jets
- $160,000 for vacations
- $14,000 for food
- $2,000 for stationary
He is now arguing that he already covers the majority of expenses related to their three young children and that these sums are little more than an attempt by Dias Griffin to “fund her lifestyle.”
While you may be tempted to scoff at the requested amount of child support requested, it’s important to consider that the law in Illinois expressly states that children of divorced parents are entitled to enjoy the same lifestyle to which they were accustomed during the marriage.
It will certainly be intriguing to see how this all unfolds …
In the meantime, it’s important to understand that while this case is an extreme example, it does serve to underscore how vital it is for Ohio parents to understand their rights and obligations as they relate to child support. Indeed, those with questions or concerns should strongly consider speaking with an experienced legal professional.
Source: ABC News, “Hedge fund owner could face $1 million monthly child support payments,” Paula Faris, et al., February 25, 2015