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Money at center of bitter divorce dispute

On Behalf of | Dec 20, 2018 | Divorce

For Ohio couples whose annual income is not plentiful, it may not be difficult to divide assets when the marriage is over. However, when an extremely wealthy couple chooses to divorce, it can be much more complicated to decide who gets what. The former chairman of one of the country’s oldest trade and exchange commissions, and his ex-wife 21 years his junior, are feuding over the amount of money she should receive in their divorce.

The wife filed for divorce after being married 16 years, citing the main reason as infidelity but also stating there were numerous additional motives. The husband says she wanted a more lavish lifestyle than that for which he was prepared to pay and that she tried to rip him off before she filed for divorce. She says she was just protecting herself because her attorney thought her husband might be wanting to leave and take everything with him.

Six years ago, the husband and his money did take off to foreign countries, far enough away that the local law enforcement could not mandate his return. However, he returned to the United States last spring for a family function and was arrested for contempt of court, as police had been forewarned about his possible arrival. He has been in jail ever since with bond set at $1.4 million.

In the divorce settlement, the wife was originally awarded $18 million but now says she will take less than that. She claims that, if he pays her, she will move on and leave him alone, but he has not responded directly to her proposal. He argues he does not have nearly the fortune he once had and he cannot touch the remaining few million, as it is being held in a trust. His latest case contends that his age should be enough to allow for electronic monitoring outside the confines of the jail, but her lawyers have convinced the judge that he is a flight risk, and so he remains incarcerated. They will continue their courtroom battle in the near future.

Whether there is a bitter dispute or an amicable split, it is wise to document all communication pertaining to the divorce. Should there be any questions that arise, such records can be beneficial. An Ohio attorney can ensure that all documentation is organized to present to the court for a fair decision.

Photo of Craig P. Treneff and Andrea L. Cozza
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