Mother Claims Multimillionaire Behind on Child Support Payments

The idea behind child support after a divorce is to have the noncustodial parent pay a portion of the daily expenses of raising a child. As most Utah parents know, the amount of child support is typically determined by the court, based on the earnings of both parents. When a parent fails to meet the financial obligations to his or her children, the custodial parent may go back to the court for relief.

Richard Schaeffer, the former head of the New York Mercantile Exchange, is being sued by his ex-wife for back child support. She claims he has not made a child support payment since October. Schaeffer denies these claims and instead asserts that he gives thousands of dollars to his now 19-year-old daughter. He claims he pays her health insurance and other personal expenses. He also claims he has purchased big-ticket items such as cars and homes for her.

This lawsuit further alleges that the multi-millionaire is actively concealing assets from his ex-wife. Some of the assets she alleges he failed to disclose were a portion of a $580,000 retirement fund and profits related to the seats he owns on the New York Board of Trade, the Commerce Exchange and the Mercantile Exchange. Schaeffer has denied these allegations as well. Schaeffer says he has been nothing but generous to his ex-wife.

Both sides in this dispute may present evidence to support their positions. If the court determines that Schaeffer failed to make court ordered child support payments, he will be held responsible for making up those payments. Many custodial parents in Utah struggle financially because they are not receiving regular payments from a non-paying parent. It may be necessary to return to court for further orders regarding that financial obligation.

Source: New York Post, Former NYMEX boss hit with child-support suit, Julia Marsh, Dec. 16, 2013