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If you have divorce questions

Billionaires – They’re Just Like Us

When you go through a divorce in Georgia, you have to resolve four main issues: equitable division of assets, child custody, child support, and alimony. Whether you are a millionaire, buried in debt, or somewhere in between, the general issues remain the same. For equitable division, it does not matter how many marital assets a couple has, or the value of those assets. Whatever the financial status, the assets will be divided equitably, according to the facts of the case. This is also true for alimony, which is based upon one party's need and the other party's ability to pay. O.C.G.A. § 19-6-1(c). Certainly, in some situations, one spouse's ability to pay the alimony may be greater than in others, but the balancing test remains the same. For child support in Georgia, both party's incomes are plugged into the child support worksheets along with other known expenses for the children. O.C.G.A. § 19-6-15. Deviations can be made for high income (more than $30,000/month) or low income but, again, the basic calculation works the same way. O.C.G.A. § 19-6-15(i)(2)(A) and (B).

As an example of the above, consider the pending divorce case of hedge fund billionaire Ken Griffin and his wife. Billionaire Ken Griffin's wife wants $1 million a month in divorce, by Jillian Eugenios, CNN Money, February 24, 2015. The couple has been married for 12 years and has three young children together. Mrs, Griffin submitted a budget with her divorce filing which details the amount of money she needs each month and includes $160,000/month for hotels, $2,000/month for stationery, $14,000/month for food, and $300,000/month for a private jet. Overall, Mrs. Griffin says she needs $1 million a month for expenses for the children. Not surprisingly, Mr. Griffin has scoffed at these numbers, saying these expenses are not really for the children. In addition, the article states that Mrs. Griffin is worth $50 million on her own and, thus, Mr. Griffin is arguing that she can pay for her own monthly expenses.

If this case were in Georgia, the court would look at many factors in determining alimony, including the standard of living established during the marriage. O.C.G.A. § 19-6-5(a)(1). However, it would also look at the financial resources of each party. O.C.G.A. § 19-6-5(a)(4). In a situation such as this, the court may find that Mrs. Griffin does not need any alimony because she has sufficient financial resources of her own. On the other hand, a court may find that she does need some alimony to retain the standard of living the parties had prior to the divorce. As far as child support, if this case were in Georgia, the high-income deviation might kick in on both sides in this case. The noncustodial parent will be paying some amount of child support just as any other noncustodial parent would.

Even though this case deals with many more zeros that the typical divorce case, no one is above the law. If alimony is appropriate under the facts of the case, it will be awarded. If there are children of the marriage, some amount of child support will be awarded. The court will look at the facts of the case and make a determination, just as in any other divorce case.


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