As Illinois residents may know, high-asset divorce may be contentious, as is demonstrated in the case of hedge-fund founder Ken Griffith and his wife. His wife’s financial statement, which claims about $1 million in childcare expenses, is what she says the couple was paying during the marriage and that it should continue after the divorce.
Griffith is contesting the amount, saying that his wife is increasing the cost unduly to maintain her own lifestyle without having to spend any money of her own. There was no mention as to a set date for the divorce trial.
According to Griffith’s wife, their three children are accustomed to being raised in a particular lifestyle, and she claims that it should be maintained in accordance with Illinois law. The couple owns five homes, four inside the continental United States and one in Hawaii, and Griffith’s wife says the children are accustomed to traveling by private jet, the cost of which is one of the items she is requesting as part of the child support. Griffith’s filing stated that his wife is also requesting large amounts of money to maintain an office, pay staff and cover monthly vacations.
Child support and custody are only two of the issues that may surround a divorce case. Individuals who are contemplating getting a divorce may benefit from the advice of an attorney. An attorney may assist in negotiating the terms of the divorce prior to a court trial, or the attorney may litigate the matter in court.
Source: CNBC, “$1 million a month to raise the kids,” Frank, Robert, Jan. 30, 2015