When people in the Clinton Township area divorce there will always be important decisions to make when it comes to splitting up their assets and determining their spousal support. These decisions are part of almost every divorce. However, when super wealthy couples divorce the stakes get much higher and the battle can get much tougher.
Billionaire oil tycoon, Harold Hamm, is facing the possibility of losing billions of dollars of his wealth in his divorce settlement with his estranged wife. In fact, according to reports, if all of Mr. Hamm’s wealth from his shares in Continental Resources is part of the settlement, then it could be the largest divorce settlement ever. Plus, there is even more at stake. If Mr. Hamm is forced to sell enough of his shares to meet a financial settlement with his wife, then he could lose majority ownership and control of his company.
At issue is the value of Mr. Hamm’s company as well as what can be counted as marital capital. According to an economic analyst, who was called to testify, as much as $15 billion can be counted as marital capital because that much of Continental’s wealth was accrued during the period the couple was married between 1988 and February 2014. The company has added an additional $4 billion this year, which means Mr. Hamm’s total shares are now worth about $17.6 billion.
Whenever a high asset divorce involves a business division there is the potential for long-drawn out court battles and heated exchanges. With so much at stake in these kinds of cases, it’s probably best to seek the help of an experienced divorce attorney.
Source: Reuters, “Wife defines stakes in Oklahoma divorce: $17 billion,” Heide Brandes and Joshua Schneyer, August 15, 2014.