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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.

The pair has three young children after 11 years of marriage together. Kenneth reportedly cited irreconcilable differences in the divorce papers and has asked for joint custody of the children. His wife's lawyer has said that neither were given notice about the divorce filing and that the papers were knowingly filed while she was on vacation with the children. Sources indicate that both parties want the matter resolved quietly in the interest of their children.

Griffin's wife reportedly possesses her own assets from founding and maintaining a managing partnership at Aragon Global Management LLC investment firm. The couple is said to have donated $19 million to the Art Institute of Chicago and was among the top 200 art collectors in a list compiled by Art News magazine. An attorney specializing in art law said that auction houses may grow interested in the divorce case.

The division of marital assets is often easier when a couple has a prenuptial agreement, but any divorce involving child custody can still be stressful because each parent may have different ideas about what is best for a child. Colorado courts will likely take this information into consideration, and couples must file a parenting plan to be approved by the court. The plan usually details visitation, decision-making abilities and more. An attorney may be able to assist in putting together said paperwork.

Source: Bloomberg, "Citadel’s Griffin Seeks Divorce After 11-Year Marriage", Andrew Harris, Saijel Kishan and Katherine Burton, July 24, 2014

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