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Child support concerns in billionaire divorce

| Feb 25, 2015 | Child Support |

Even though most divorce cases can present challenges for Illinois family law judges, divorce disputes involving large amounts of marital assets can prove to be especially complicated. High asset divorce cases not only involve the valuation and distribution of wealth, but often also account for the unique needs and lifestyles of children in the family. And in such cases, child support agreements can involve millions of dollars.

When determining child support arrangements in the state of Illinois, family law judges take a number of factors into consideration, including the care needs and interests of the child or children in the case. As a result, the lifestyle that the child maintained prior to his or her parents’ divorce often plays a role in child support calculations. And while monthly child support payments can be considerable in some cases, the money is legally intended to only be used for the child’s expenses.

In one recent case, the ex-wife of a hedge fund billionaire accused her children’s father of failing to properly provide for their three children. One million dollars was reportedly spent every month on expenses relating to the children’s care, travel and personal staff. Included in that $1 million was almost $7,000 worth of groceries and $8,000 worth of gifts.

The children’s mother claimed that the monthly expenses were comparable to what they would be if the couple was still married. The children’s father argued, however, that the child support payments that he was making were going to support his ex-wife’s interests instead of those of his children. As a result, he was disputing the child support agreement.

Anyone with questions or concerns about the terms of his or her child support agreement can speak to an attorney any time. After all, modifications can be made under a number of circumstances.

Source: NBC News, “$450,000 for a Vacation? Inside a Billionaire’s Divorce,” Robert Frank, Feb. 23, 2015

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