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July 2014 Archives

Citadel hedge fund firm founder Kenneth Griffin to divorce

Texas couples who are divorcing may be facing complex asset division, and the same is true of the founder of hedge fund firm Citadel LLC. Kenneth Griffin has filed for divorce from his wife of 11 years. Citing "irreconcilable differences" as the reason for their split, the filing stated the couple had been separated for a year. However, the attorney for Anne Dias Griffin says that she was not given timely notice of the filing. Kenneth Griffin has also asked for joint custody of the couple's three children.

Spousal support in Texas

While many people think of alimony as any money given from one spouse to the other after a divorce is finalized, there are actually two separate types of spousal support in Texas. The first is called spousal maintenance and may only be collected for up to 10 years. Maintenance payments are made to ensure that a spouse that may not be able to support him or herself immediately following a divorce is able to maintain a minimum lifestyle.

Splitting a residence when a marriage ends

When a couple in Texas decides to end their marriage, they might not be sure how to handle ownership of home and the associated mortgage. In some situations, a former couple might opt to sell a property and split the profits after a divorce. However, another option is for one partner to buy out the other person. Although this can work well in many situations, the couple will need to agree on the value of the residence and work out the division of their debt.

Importance of fighting for retirement assets in divorce

According to a survey conducted by the Securian Financial Group, almost one-third of the divorced respondents did not get a share of their spouse's retirement benefits in their divorce settlement, and they also reported being unaware that they were entitled to a portion. Like the survey participants, people in Texas might be missing out on the opportunity to protect their own retirement by allowing their former spouses to keep such accounts intact after a divorce is finalized.

Terms of McCourt divorce settlement upheld

A recent high-profile divorce case may be of interest to individuals in Texas who are involved in a contentious separation. The case involves Frank McCourt, the former owner of the Los Angeles Dodgers, and his former wife. According to a report, the former couple reached a divorce settlement in 2012 after they had been married for almost 30 years.

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