Many equitable division states, including Kentucky, do not have an automatic equal division of marital property. Rather, marital property is divided in just proportions. Generally where wealth is involved, the greater the estate earned by the working spouse, the less likely the non-working spouse will receive 50%, particularly when their are no children.
Many equitable division states, including Kentucky, do not have an automatic equal division of marital property. Rather, marital property is divided in just proportions. Generally where wealth is involved, the greater the estate earned by the working spouse, the less likely the non-working spouse will receive 50%, particularly when their are no children. Some quotes from CNN.com:
Michael Polsky’s attorneys contended that he was responsible for the couple’s great wealth and said they will likely appeal Monday’s decision.
“He intends to test this decision on appeal because he’s always believed that this shouldn’t have been a 50-50 split,” attorney Joseph Tighe said.
David Meyer, a law professor at the University of Illinois at Urbana-Champaign, said the Polsky case is “remarkable and historic” because of the size of the award and Boyd’s decision to split the estate equally.
“Those are huge numbers,” Meyer said. “When you get these cases of extraordinary wealth, it really puts to the test this notion of marriage as a complete partnership.”
Gaetano Ferro, president of the American Academy of Matrimonial Lawyers, said he wasn’t aware of a bigger award in the U.S.
Michael Polsky launched the company that eventually would become Northbrook-based SkyGen Energy, a leading independent power producer that sold in 2000 for about $450 million. He is now president and CEO of Invenergy Wind LLC, a Chicago-based wind energy company.
I share the sentiments of New YorK Divorce Report :”It is disappointing that this couple did not follow the lead of Blixseths, who divided their fortune amicably ‘over a bottle of wine.” He is referring to Tim and Edra Blixseth, the Beverly Hills couple who amicably divided their $2 billion fortune amassed during 25 years of marriage, as the Wall Street Journal reported:
Rather than fighting over every piece of silver, the Blixseths decided to keep what’s most important to each of them and split the difference. Life’s too short, they figured. And why give the lawyers all the money if you can work it out yourselves?
