Philadelphia couples seeking a high-asset divorce may be interested in the story of one billionaire hedge-fund founder and his split with his wife of over a decade. The property division in this case will reportedly be dictated by a prenuptial agreement.
Billionaire Kenneth C. Griffin founded his hedge fund, Citadel LLC, in Chicago in 1990. Griffin's wealth is estimated at around $5.6 billion, while the hedge fund is worth $20 billion. $5.3 billion of this is owned by the fund's employees, of which 85 percent is owned by Griffin himself. Griffin married his wife Anne Dias 11 years ago, and the couple has three young children together. Anne Griffin founded her own investment firm in 2001 and still works as a managing partner. Over a year ago, the pair separated.
Now, Kenneth has filed for divorce and is seeking joint custody of their children. The couple signed a prenuptial agreement prior to their marriage in July 2003. Reports indicate that Kenneth's holdings in Citadel will most likely not be affected by the split, and no money will be paid out of the fund to Anne in their property division. One attorney notes that this is common practice for someone that has been through a prior divorce. Generally, this waiver requires a payment made to the other spouse that usually increases the longer they are married.
In a high-net-worth divorce, an attorney may be necessary to ensure a fair property division. The attorney may also be able to counsel one of the parties throughout the entire divorce process, including negotiations with their former spouse on issues such as child custody, visitation and spousal support. The attorney may then be able to draft the divorce agreement that is fair to both parties.
Source: Bloomberg, "Citadel’s Griffin Seeks Divorce After 11-Year Marriage", Andrew Harris, Saijel Kishan and Katherine Burton, July 24, 2014