The founder of the $20 billion investment company Citadel LLC has initiated divorce proceedings with his wife of 11 years, who didn’t know of his decision ahead of time. The couple had been separated for a year, and the filing asked for joint custody of the couple’s children. While the founder wanted to share custody of children, he was less inclined to share wealth. A prenuptial agreement the couple signed in 2003 stipulated that Citadel’s assets would be protected from any property division in the event of divorce.
The couple’s assets include a large collection of art, which the founder has stated was something his wife advocated for. It also includes several luxury homes.
Though Citadel is presumably protected by a prenuptial agreement, it may still possible for lawyers for the founder’s wife to go after its assets. In some cases, lawyers may argue that circumstances in the marriage have changed enough or that the prenuptial agreement was created improperly or signed under duress. In some cases, a spouse who agrees in a prenuptial agreement to not seek certain assets will be awarded a sum of money in a divorce settlement in exchange for the waiver. Lawyers for the woman, a former hedge fund manager, have not disclosed whether they intend to do either of these things.
For Arizona individuals going through a divorce, it can be confusing to go through the process, especially for the first time. Talking to a lawyer who has experience in these matters may be helpful. The attorney may be able to negotiate and prepare a comprehensive settlement agreement that will benefit the client.
Source: Bloomberg, “Citadel’s Griffin Seeks Divorce After 11-Year Marriage“, Andrew Harris, Saijel Kishan and Katherine Burton , July 24, 2014