A billion-dollar divorce order is being contested by both spouses. The oil tycoon who was ordered to pay his former wife $972 million of the marital assets says it is too much, and the ex-wife says it is too little.
Attorneys for Harold Hamm, who was estimated to be worth $16.1 billion at the time of the Nov. 10 ruling, say the fact that oil prices have fallen dramatically since then makes the $972 million figure, which appears to be technically alimony, a larger percentage of the couple’s fortune than the judge intended to award to Hamm’s ex-wife. Bloomberg Businessweek reports that the value of Hamm’s oil fracking company, Continental, has dropped 36 percent since the divorce trial ended, and Hamm’s net worth is currently $9.6 billion.
Meanwhile, his former wife has asked the judge to reconsider his decision, arguing that it deprives her of most of her rightful share of the martial assets. Though the award was one of the largest divorce decrees in history, many observers had expected the court to award her at least 30 percent of the assets. The couple was married for decades, during which time Hamm earned the bulk of the fortune.
Few of our readers will ever find themselves in a battle for billions of dollars, even if they are in the midst of divorce or are contemplating one. Still, significant assets could be at stake, such as the family house, investments and so on. Without an experienced divorce attorney on your side, you could be deprived of your fair share.