Accumulating property during marriage typically means that upon divorce, those assets will be divided. For some Illinois couples, that could lead to complex divorce issues. In addition to cash and retirement funds, other property such as business valuations and stock may come into play. As a recent high-profile case demonstrates, it is imperative to uncover all shared assets in order to come up with an equitable plan for division.
In instances of a high-asset divorce, a couple could be divorced for a long period of time before there is a decision regarding property division. For example, a woman filed for divorce from her husband in 2003. She did not receive her $184 million settlement until 2007.
In a more recent case, a Chicago businessman who owns a hedge-fund management company filed for divorce from his wife. He is estimated to be worth $5.2 billion. The high-net-worth couple has a prenuptial agreement in place that dictates a few items regarding their shared property. According to the contract, the husband will take care of any financial matters regarding their children, and the wife will receive a lump sum of money. According to attorneys, the couple is now evaluating their agreement and evaluating shared property.
Experts note that prenuptial agreements typically hold up in court unless there is language in the contract that is vague. Infidelity may only have an effect on the agreement if there is a penalty clause in the agreement. Anyone going through a divorce should contact an attorney to ensure that spouses report all assets in order to determine the most equitable division possible.
Source: Crain’s Chicago Business, “What happens next in Ken Griffin divorce case,” Shia Kapos, July 28, 2014