Spousal support still an ongoing dispute in high asset divorce
Illinois couples who have a significant number of assets when they decide to end their marriage will often end up in a dispute regarding property division, spousal support and other issues. A high asset divorce might not seem pertinent to a workaday person, but that does not eliminate the divorce legal issues that come up. In fact, many might be quite similar. With any divorce, one of the key factors is to have competent legal advice that can adapt to any circumstance.
An ongoing divorce negotiation between a wealthy couple has restarted after a break of two months. The man is a multimillionaire who founded the Cancer Treatment Centers of America and he returned to the witness stand as the case moves forward in an attempt to determine how much his ex-wife will receive in the settlement. The man was asked about his financial circumstances, and he testified that he did not have the ability to pay the $400,000 she is requesting per month.
She is requesting this amount to maintain her lifestyle that she had while the couple was married. As part of that, she had several residences, jets, yachts, jewels, art and expensive parties. The couple was married in 1991 and started divorce proceedings in 2009. They were officially divorced earlier in 2016, but they have yet to come to agreement on the finances. The couple had a prenuptial agreement, but the case is ongoing in spite of it.
When there is a decision to divorce, it is imperative to understand all the litany of divorce legal issues that can come up. This is true in a high asset divorce and in a divorce of more modest means. There are many factors that go into the decision as to how much a spouse will receive as part of the settlement. Those who are moving forward with a divorce need to know about the process. Speaking to a legal professional is key.
Source: Chicago Tribune, “Cancer Treatment Centers founder says he can’t afford to pay ex $400K a month,” Amanda Marrazzo, Dec. 19, 2016