Florida residents may recall media coverage of a high-profile divorce between the wealthy founder of Cancer Treatment Centers of America and his wife of 26 years. The couple have been separated for 10 years, and have been negotiating the details of their high asset divorce case for the past eight years. Unable to reach a settlement outside of court, the couple finally achieved resolution through a legal proceeding.
The wife initially asked for $400,000 per month in spousal support. Her husband argued that $9,000 a month was a more reasonable payment. The court determined that she will receive $55,000 each month, which amounts to approximately $27,500 after taxes.
In addition, the wife will receive $450,000 for housing, as well as two motorcycles, a Porsche, numerous pieces of jewelry and a 401(k) fund. In presenting her argument to the court, the wife relied on the testimony of a "lifestyle analyst" hired to determine how much money it would take to sustain her lifestyle once the marriage was brought to a close. That amount was listed at $5 million per year, which is considerably more than she will receive.
The couple had a prenuptial agreement in place at the time of their marriage. When they met, she was still a teenager, and her husband was 25 years older than she and already established in his career. The wife was working as a sales clerk, and later earned an associate degree. During the course of the marriage, she contributed to the growth of the Cancer Treatment Centers of America.
In making his decision, the judge ruled that the wife's contributions to her husband's business ventures should be rewarded. However, he also noted that in the time since their separation, she has done little to further her own career prospects. The resolution of the case may not be all that she had hoped for, but it is certainly enough to support her financially for many years to come. For Florida spouses who are contemplating filing a high asset divorce, this case illustrates just how long such cases can last if the parties are unwilling or unable to settle.
Source: Chicago Tribune, "8-year divorce battle ends with multimillionaire's ex-wife getting $6.5M, Porsche", Amanda Marrazzo and Robert McCoppin, Sept. 14, 2017