North Carolina Family Law Attorneys
Call Today 704.200.9278

Wife awarded majority of assets after husband blew millions

There are many reasons why couples choose to divorce in North Carolina, but a major factor has to do with finances. When one partner spends excessive amounts of money or is deceptive about his or her spending habits, it can put a lot of stress on the marriage.

This seems to be the case in a divorce between a wealthy former convenience store owner and his wife. Although the couple were reportedly worth millions, the wife has accused her husband of blowing most of the family’s fortune on strippers and prostitutes as well as two unsuccessful campaigns for governor. As a result, the wife argued that she should receive 95 percent of the remaining assets that are valued at slightly more than $4 million.

The wife will get the majority of the assets, but not the 95 percent she was seeking. Instead the court ruled that she will get approximately 72 percent of the assets. This means that she will receive around $2.8 million in assets that include one of the couple’s homes and four of their vehicles. The husband will get around $1.1 million in assets that include a condominium and a Jeep.

Both sides have filed motions against the ruling. The wife would like her husband to pay the $365,000 in fees and costs and the husband would like to see one of their homes given to a third party as well as having the value of their jewelry reassessed.

If you are considering divorce and are worried about the equitable distribution of finances, you would be well advised to seek the help of an experienced divorce attorney.

Source: Patriot Ledger, “Judge: Christy Mihos wasted family’s millions,” Patrick Cassidy, Nov. 6, 2013