Pennsylvania investors may be interested to learn that the founder of hedge fund firm Citadel filed for divorce from his wife. According to the report, the 45-year-old man, who was married to his 43-year-old wife for the last 11 years, cited “irreconcilable differences” for the reason behind the decision to file.
It was indicated by the report that Citadel’s finances, which were estimated to be at about $20 billion, would be safe from any domestic issues that may be had by the founder. A New York family law attorney stated that, in cases like this, many individuals have their soon-to-be partner sign a waiver that keeps the hedge fund firm safe from distribution in exchange for a certain dollar amount. This dollar amount, which is given to the ex-spouse if a divorce occurs, usually increases the longer the marriage continues. However, it was not known if the founder’s ex-wife would seek any assets from Citadel.
The couple were reportedly avid collectors of art and owned works by well-known artists including Jasper Johns. Both individuals were involved in various foundations and donated millions to multiple causes. In addition, the founder owned several properties that were estimated to be worth just under $100 million altogether. The couple also has three children.
When a couple decides to begin divorce proceedings, they also must determine how to split up any assets that were gained during the marriage and who will become the primary caretaker of any kids that resulted from the marriage. This can be difficult if the ex-couple does not see eye-to-eye. However, a family law attorney may be able to help their client identify all of the assets that were obtained and determine how much spousal support or child support their client should be awarded.
Source: Bloomberg, “Citadel’s Griffin Seeks Divorce After 11-Year Marriage“, Andrew Harris, Saijel Kishan and Katherine Burton , July 24, 2014