As Massachusetts residents may know, child support may be determined in part by the income of both parents during and after their marriage. Additionally, courts often seek to provide a sense of security and consistency for the child. In Illinois, the child's lifestyle during the parent's marriage is taken into consideration. This has become a pivotal issue in the child support dispute between billionaire hedge fund manager Ken Griffin and his wife.
In this case, court records show that the couple paid $1 million each month on their children. Some expenses include a monthly price of $160,000 for rentals while on vacation, $300,000 for travel to other countries by private jet and another $60,000 for professional purposes including staff and office space. In addition, the list continues with $8,000 spent monthly on gifts, $6,800 for groceries, $2,000 for stationery and $7,200 for eating out.
The dispute continues over his wife's contention that Griffin failed to pay for a vacation to the Caribbean. Her husband said he gave her $45,000 instead of the requested $450,000. He also countered that he pays for four caregivers for the children, a private chef and various staff. Many expenses, Griffin says, are for his wife's advantage.
Child support is an important aspect of divorce to maintain the child's best interests. Parents have an obligation to care for their children, and child support orders are enforceable by state and federal agencies. It is important to provide detailed information concerning child support. A parent may wish to obtain the assistance of an attorney to review and offer insight into the child support agreement prior to issuance of a court order.
Source: NBC News, "$450,000 for a Vacation? Inside a Billionaire's Divorce", Robert Frank, Feb. 23, 2015