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Divorce dispute prompts spouse to leave the country

| Oct 16, 2013 | Divorce |

As Illinois couples build their lives together and excel in their careers, they often gain a degree of financial security and accumulate assets. Especially for married couples that have been together for years, the wealth they have at the end of their marriage may be considerably more than what they had at the beginning. Some divorce disputes stem from issues over dividing wealth between parties. One recent case illustrates how individuals can take extreme measures to avoid spousal support or property division by actually concealing assets and evading authorities.

A high-profile figure in the Illinois financial arena is receiving quite a bit of attention and scrutiny from authorities since he is accused of hiding large amounts of money in offshore bank accounts and leaving the country to avoid being subject to divorce court orders. The defendant’s wife allegedly approached the court with concerns over her husband potentially fleeing the country and hiding assets, but her warnings were not immediately heeded.

Now, the man’s whereabouts are allegedly unknown and he is suspected of making large cash transfers to offshore accounts in an attempt to avoid paying temporary support to his wife. In one instance, the defendant apparently transferred more than $12 million into a foreign account only days before a divorce court judge ordered that all funds had to remain in-state. In addition to the defendant being accused of harboring assets, the court claims that he owes taxes as well.

A warrant is out for the defendant’s arrest and he is estimated to owe almost $300,000 in past due spousal support, owing $18 million total to his wife.

Source: Chicago Tribune, “Ex-CBOT chairman fled overseas in divorce fight, lawyers say,” Cynthia Dizikes, Oct. 9, 2013

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