News + Insights
Millionaire Ex-spouses Have Been in Court for 7 Years
By: Feinberg Sharma / October 6, 2016
A divorced couple in Illinois has failed to reach a final divorce settlement after seven years of litigation. In April, Cancer Treatment Centers of America founder Richard Stephenson and his former wife Alicia Stephenson formally dissolved their 18-year marriage. However, the couple still has not been able to reach a final agreement about property division.
Though there is no argument that Richard is a multi-millionaire; however, Richard’s attorneys have disputed Alicia’s attorney’s assessment of his wealth. According to Alicia’s attorneys, Stephenson owns assets with a total value exceeding $1 billion. There is a prenuptial agreement in place, but Alicia’s attorneys have argued that Alicia has been denied ownership rights to several businesses that are in her name. The ex-couple has not been able to reach a final agreement about spousal support.
Richard and Alicia’s attorneys have butted heads many times during the seven-year divorce proceedings. An attorney for Alicia claims that he has never seen a court allow a divorcing spouse to withhold financial documents the way that Richard has. Richard’s attorneys have denied allegations that they are hiding financial information and argued that Alicia’s attorneys have inflated the value of the marital estate. Soon after the divorce paperwork was filed, a judge awarded Alicia temporary alimony payments of $65,800 per month.
When divorce proceedings are prolonged, the divorce process can end up costing both spouses a lot more money than it is worth. An attorney may be able to represent a divorcing spouse during property division hearings and work toward an efficient settlement. If a spouse is concerned that they will lose certain assets, an attorney may be able to help them to assert their property rights.
Source: Chicago Tribune, “With millions at stake, trial looms in cancer center founder divorce,” Robert McCoppin, Sept. 22, 2016