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July 2014 Archives

Billionaire Kenneth Griffin files for divorce

Many Colorado business owners may have recently heard about Kenneth C. Griffin's filing for divorce on July 23 after more than a year of separation from his wife. Founder of the Chicago hedge fund firm Citadel LCC, the man is worth approximately $5.6 billion. The couple has a prenuptial agreement, and reports have suggested that the divorce will not affect Griffin's company.

Dealing with digital assets in a prenuptial agreement

Colorado couples may be interested in a growing trend that involves premarital decisions about digital materials acquired during marriage. A prenuptial agreement offers a couple a means of determining how assets will be distributed if a marriage is terminated. However, today's assets can include digital property such as photos, music and other online accounts and items. Those who are known as public figures may need to take steps to protect social media accounts, websites and other assets related to their brands.

Real property division issues faced by divorcing couples

Colorado couples may be interested in an article looking at how property division works with a home owned by both former spouses. When one party keeps the home, the other party should take steps to ensure that they are no longer financially responsible for it.

Ignoring retirement accounts in divorce can be a mistake

When a marriage ends, Colorado residents must decide what to do with assets acquired during the marriage before they can finalize the divorce and move on. According to a recent article, twice as many couples 50 and over divorced in 2010 compared to 1990. As more older adults are choosing divorce, retirement accounts and Social Security are becoming an asset that people cannot afford to ignore. However, many people do not realize that retirement accounts in a spouse's name could still be included in a division of marital assets.

Frank McCourt prevails in legal fees battle

A judge has ruled that the former spouse of Frank McCourt must repay $1.9 million in legal fees after she unsuccessfully challenged the terms of their divorce in court. As Colorado Rockies fans know, Mr. McCourt was the former owner of the Los Angeles Dodgers and sold the franchise for $2 billion back in 2012. His former spouse took legal action claiming that he sold the team for less than it was worth to reduce the amount that he had to give her.

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