Michigan investors may be interested in knowing that the founder of Citadel LLC has filed for divorce from his wife of 11 years, citing differences that cannot be resolved. The man allegedly filed for divorce without his wife’s knowledge. The divorce came after a year of separation, and the petition for divorce requested joint custody of children, all of whom are less than six years old.
According to a prenuptial agreement from 2003, Citadel is protected from any division in the event of divorce. However, as a courtesy, many prenuptial agreements stipulate that the spouse who waives his or her possible claim to pre-existing assets will receive a sum of money in exchange for signing the waiver. It is unclear if the wife of the founder was given a sum of money.
The wife of the founder is a former manager of a hedge fund and is not listed as an owner of Citadel, which is worth $20 billion. The founder’s net worth is $5.6 billion. It may still possible for her lawyers to seek a portion of Citadel, but lawyers have not commented on whether that route will be pursued.
For those involved in high-asset divorce, property division can become difficult if it is not handled well. It may be beneficial for individuals who are seeking a divorce to consult with independent legal counsel. A lawyer may be able to help a client understand his or her obligations to the other party as well as protect the client’s interests in negotiations and hearings. In addition, a lawyer may be able to offer advice on prenuptial agreements and other options for asset protection prior to a marriage.
Source: Bloomberg, “Citadel’s Griffin Seeks Divorce After 11-Year Marriage”, Andrew Harris, Saijel Kishan and Katherine Burton , July 24, 2014