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Husband accused of squandering money in divorce dispute

| Nov 26, 2013 | Divorce |

While the majority of divorce cases result in the equal distribution of assets, some Illinois divorce disputes are much more complicated and contentious in nature. In some cases, divorce litigation is necessary, and a judge may be required to consider the actions of each party in the process of deciding property division arrangements. A judge recently ruled on one high-profile case, finding that the husband should be held accountable for spending his family’s money irresponsibly.

A well-known Massachusetts couple is in the midst of a major divorce dispute, along with a separate case involving allegations of spousal abuse. The assault and battery case is still ongoing, and a judge recently ruled on the high asset divorce. A major part of the dispute focuses on allegations made by the wife that her husband, who owns a chain of convenience stores, had spent around $25 million in as few as four years. According to the wife, the husband spent a great deal of money on inappropriate distractions in addition to using personal funds on two failed campaigns to run for governor. As a result, the judge presiding over the case was left to decide how to distribute the couple’s remaining property.

The judge ultimately decided that the husband had made selfish and damaging financial decisions, and therefore awarded the wife a little more than 70 percent of the couple’s net assets. While the husband had hoped to retain possession of more than half of their assets, the judge awarded $2.9 million of $4 million to the wife, along with a home and several vehicles.

The husband is facing chapter 7 bankruptcy for his businesses, and was ordered by the divorce judge to either refinance or sell the home he was awarded. Both parties are now working to have the judge’s order amended.

Source: patriotledger.com, “Judge: Christy Mihos wasted family’s millions,” Patrick Cassidy, Nov. 6, 2013

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