Billionaire faces potentially expensive divorce
New York residents may be interested in a high-profile divorce involving the oil magnate Harold Hamm. According to authorities, the dissolution of the 26-year marriage between Hamm and his wife might result in an unprecedentedly expensive divorce judgment. The Oklahoma court presiding over the divorce has reportedly cleared its docket for several weeks to hear the trial.
Forbes magazine lists Hamm, 68, as one of the richest individuals in the world. He is the founder of Continental Resources, an oil company that authorities describe as a pioneer in the practice of fracking. Purportedly, Hamm has amassed a personal fortune exceeding $20 billion. The bulk of that money was earned while Hamm and his wife have been married, authorities estimate. According to the calculations of some observers, the divorce judgment might result in the oil tycoon’s wife receiving some $8 billion.
In May, the Russian oligarch Dmitry Rybolovlev divorced his wife. Reportedly, the divorce judgment was $4.5 billion. It was ‘the most expensive divorce in history,” authorities stated.
Although the judge presiding over Hamm’s case has sealed many of the case’s documents, observers suspect that one crucial factor in this high-asset divorce will be the date used for deciding the division of assets. Authorities anticipate that an early date will in all likelihood result in a more expensive divorce judgment.
Divorce cases involving individuals with a high net worth can present many complex issues. High-asset cases often require litigation due to these complex issues as well as the inherent high stakes. In any event, it is important that individuals considering divorce retain the counsel of a family law attorney to help handle the division of marital assets and other financial concerns.
Source: CNN Money, “Oil tycoon could face record divorce judgment“, Steve Hargreaves, August 12, 2014