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Billionaire's divorce involves child custody issues, prenup

After nearly 11 years of marriage, a hedge fund CEO is filing for divorce from his wife. The 45-year-old billionaire, Ken Griffin, said in his filing that irreconcilable differences caused their split and that they have been separated for more than a year. They also have three children together, and almost certainly many assets and financial issues that will need to be figured out in the coming months.

There are few people in this world that could relate to the financial issues and divorce matters that a billionaire has to deal with. Still, there are some crucial elements to this story that anyone can learn from.

The first is child custody. Apparently Griffin has requested joint custody, which is a common request in divorce filings. Usually the two parents, even though they have their differences, can find a way to make joint custody work. If not, a custody battle will ensue, and this can be timely, costly and very stressful.

Another factor in this divorce is the prenuptial agreement that the spouses signed. Prenuptial agreements are vital documents in today’s day and age. They are no longer frowned upon, and they can contain crucial provisions and rules that make a divorce less stressful. They can also protect both spouses from potential divorce pitfalls.

Third and finally, it is undeniable that in any divorce -- no matter how much wealth you or your spouse has accumulated -- financial matters will play a huge role in the split. You need to prepare yourself for these situations by organizing the pertinent financial documents and preparing the relevant information that you are required to disclose.

Source: Chicago Tribune, "Hedge fund billionaire Ken Griffin files for divorce," Becky Yerak, July 25, 2014

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