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Billionaire Kenneth C. Griffin files for divorce

Texas investors familiar may be interested to learn that Kenneth Griffin, the founder of the investment company Citadel LLC, filed for divorce in Chicago on July 23, citing an irretrievable breakdown. Griffin, 45, and his wife, 43, have been married for 11 years. They have three children, all under six years of age. According to an index published by Bloomberg, Kenneth Griffin's net worth is approximately $5.6 billion.

Sources say the divorce won't affect the Citadel hedge fund, valued at $20 billion, due to the fact that Anne Griffin was not an owner. The two signed a prenuptial agreement in 2003. She was a managing partner in an investment firm she started in 2001 which had approximately $200 million in assets at its peak. In 2009, the firm returned money to its clients, saying that Mrs. Griffin wanted to concentrate on her family and civic activities. According to her attorney, Mrs. Griffin was away on vacation with her three children at the time of the filing and received no notice.

The Griffins own considerable assets, individually and collectively. Reports say that Mr. Griffin bought some oceanfront properties in Palm Beach, Florida, in 2013 for approximately $79.6 million after paying about $15 for a penthouse apartment in Chicago in 2012. The Griffins are well known in art and philanthropy circles and reportedly own a valuable art collection of their own. They previously donated $19 million to the Art Institute of Chicago.

It is not clear from reports whether Mrs. Griffin will be seeking spousal support or whether that is covered in their prenuptial agreement. Support and property division issues often become very complicated in a high-asset divorce, requiring the services of an attorney with experience in that area.

Source: Bloomberg, "Citadel’s Griffin Seeks Divorce After 11-Year Marriage", Andrew Harris, Saijel Kishan and Katherine Burton, July 24, 2014

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