Polsky Divorce in Chicago Could Shake Up Records

The Chicago Tribune is reporting that Michael Polsky, 57, the chief executive of Invenergy, is trying to get the ruling from his divorce case, which awards his wife Maya Polsky, 55, $176 million or about half of his fortune, overturned.

During the trial last year, Michael's lawyers said it was he who acquired the wealth after the couple had emigrated from Russia in the 1970s with very little money. Maya's lawyers argued that throughout their 31-year marriage, she had been Michael's trusted confidante and stood by him through good and bad times, and therefore should be considered a full partner in his success. It was argued that although Maya primary responsibilities were homemaker and mother, she had supported her husband throughout the years, providing advice, empathy and comfort which contributed to their success.

The couple was married in 1975 in Ukraine. Michael was an engineer and Maya was a schoolteacher who taught English. Because the Ukraine was part of the Soviet Union, and freedoms and opportunities were scarce, the couple left for Austria and then Italy. According to the Tribune, they made their way to the United States in 1976 and settled in Detroit. Maya was pregnant with her first child and they had little to their name, luggage and $500. Shortly after their arrival, the Hebrew Immigrant Aid Society helped Michael get an engineering job.

Michael and Maya then decided to move to Chicago in 1980, where he worked for an engineering firm until 1985. He then co-founded a power equipment company, and then founded SkyGen Energy, which would become a leading independent power producing company. In 2000, Michael and a Wisconsin- based energy company sold the company for an estimated $450 million.

According to the Tribune, Cook County Circuit Judge William Boyd tended to side with Maya in October of 2006, concluding that the couple should share in the estate equally, dividing real estate, jewelry, and other home furnishings, etc., but both sides filed post-trial motions, asking Judge Boyd to reconsider his ruling.
"The extraordinary marital estate in this case was built solely by Michael's skill, genius and drive," Joseph Tighe, Michael's attorney, wrote in court filings. "This court's 50-50 division of assets reflects a fundamental error of law and must be set aside." Maya's lawyers counter this by stating that she is entitled to more than 50 percent, because Michaels ability to earn more in the future.

Judge Boyd is expected to rule Monday June 4, 2007, which may result in an increase or decrease to Maya. Family lawyers will be watching this ruling closely. According to the Tribune, David Meyer, a law professor at the University of Illinois at Urbana-Champaign, said the case is "remarkable and historic" for the size of the award and for the judge's decision to split the enormous estate equally between a breadwinning and homemaking spouse."

"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." At the end of the day, Maya Polsky's award may be the highest and set a record for Illinois.

Michael Higgins
Tribune staff reporter
Published June 4, 2007
http://www.chicagotribune.com/business/chi-divorce04jun04,1,3162992.story?coll=chi-news-hed&ctrack=2&cset=true