A New York court ruled that a hedge fund tycoon must continue to pay $50,000 a month in child support to a socialite for the former couple's 6-year-old daughter. The woman is the daughter for a former head of HSBC Bank. A Manhattan Supreme Court justice handed down the ruling, which upheld a child support decision made at an earlier date by a Hong Kong court, on July 17.
The man's lawyers argued that money given to the woman by her current boyfriend, the owner of the Tampa Bay Rays, should be considered ongoing financial support. The hedge fund tycoon also argued that American courts do not accept legal decisions from Hong Kong in the same way that they do decisions from Paris or London. Not only did the court reject these arguments, it required the man to pay the woman $570,110, which he owes in court costs and other fees.
The Manhattan Supreme Court judge also ruled against the man's argument that the Hong Kong court ruling violated state law because the woman was not required to financially contribute towards her daughter's support. However, the judge did allow for a future reduction of the near-historic monthly child support payment if the woman gets a job in the future or if her financial situation improves.
This case shows that child support can be a contentious issue that can have a large impact on the person who is required to pay and the person who is receiving the funds. In some cases, a couple might be able to negotiate an agreement that provides for the needs of the child while protecting the interests of both parents outside of court. Both parties, however, might consider retaining the services of family law lawyers who might be able to negotiate an agreement that is equitable to all involved parties.
Source: Daily News, "Hedge fund tycoon must keep paying $50G monthly child support: court", Barbara Ross, July 18, 2014