Millionaires squabble over child support

On behalf of The Walters Law Group, Ltd. posted in Child Support on Saturday, May 4, 2013.

While child custody and support battles are usually fought by those with limited means, even the richest are not immune to negative interactions regarding these subjects. Illinois residents may have heard that a former Goldman Sachs executive is accused of conspiracy in hiding assets with his girlfriend to defraud her child’s father out of thousands of dollars per month in child support. The suit claims that the two concealed substantial assets so that the mother could improve her income and live a life of extreme luxury.

The couple is accused of lying about finances in order to secure more than $50,000 per month from the child’s father, a Wall Street financier. The mother also comes from a life of privilege; her father was once chairman of a large banking firm. She is accused of claiming gifts from her new boyfriend were loans in order to drive up the amount of her child support payments.

The case is complicated due to the fact that it was filed in New York but stems from a ruling in Hong Kong while the couple and child live part time in Aspen, Colorado. The child’s parents were never married and separated prior to the birth of the child.

Most parents locked in a custody or child support battle do not have second or third homes around the world and are not trying to secure tens of thousands of dollars per month in payments. However, no matter what the amount, the basic principles of any child support dispute remain the same. Those who are facing such a battle may benefit from consulting a family law attorney for assistance and advice.

Source: The New York Times, “Millionaires clash over socialite’s child support claims,” Peter Lattman, April 25, 2013