For many high asset couples, a prenuptial agreement is an important component of financial planning. However, in order to be effective, a prenup must meet certain criteria. If those matters are not properly addressed, the validity of the document can be called into question, leaving Arizona spouses without the protections that they are seeking. Such may be the case in the recent divorce case between Ken Griffin and his wife, Anne Griffin.
Ken Griffin is listed as one of the nation's wealthiest people, with a net worth of nearly $7 billion. He built that fortune with his hedge fund, Citadel, that he began while he was still a student at Harvard. That company may be heading for an IPO in 2016, which could increase Griffin's wealth even further. Within divorce paperwork, Anne Griffin alleges that her husband earns approximately $100 million each month.
The prenup that Anne Griffin signed gives her a lump sum of $22.5 million, as well as $1 million for each year of the marriage. The problem lies in the fact that the agreement was signed the day prior to the couple's wedding. Anne Griffin has asserted that she signed the agreement under duress, and that it should be invalidated.
In reaching a divorce settlement, the Griffins can keep the details of their divorce out of the public eye. In addition, if it seemed likely that the prenup could be thrown out of court, settling may have been an attractive option for Ken Griffin. For Arizona couples who are considering ending a high asset marriage, the Griffins' story may offer a number of lessons.
Source: Forbes, "Hedge Fund Billionaire Ken Griffin Settles Contentious Divorce", Chase Peterson-Withorn, Oct. 7, 2015