Hedge-fund billionaire John Overdeck is going through two acrimonious breakups at once. One is a tabloid-worthy court battle with his estranged wife over whether the $723 million he has offered her is fair settlement for the dissolution of their nearly 24-year marriage. The other is a longer running and possibly nastier standoff with his co-founder at Two Sigma —an $85 billion quant-trading colossus—over the direction and control of the firm. Sitting in the witness box in a New Jersey family court on Aug. 19, with his wife Laura watching him from a few yards away, Overdeck was trying to prevent…

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