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Hamm divorce settlement could top the charts

Pennsylvania residents would probably like to know more about an ongoing divorce trial for which the judgment could end up the largest in history. The estranged wife of an Oklahoma oil tycoon stands to receive billions of dollars upon the finalization of her divorce from Harold Hamm, whose estimated net worth tops $20 billion.

The high-net-worth divorce has been kept relatively quiet by a judge who sealed the records and proceedings in order to protect the secrets of Continental Resources, the oil company founded by Hamm that helped pioneer the use of fracking. According to a research firm, Hamm accumulated the majority of his wealth during the couple's 26-year marriage. Up until now, the wife of Russian oligarch Dmitry Rybolovlev who received $4.5 billion held the record for the most expensive divorce. Hamm's wife would only need to receive a quarter of his net worth to surpass that amount.

Experts say that the trial, which is expected to last about eight weeks, will largely center on the amount of wealth accumulated by Hamm during the marriage and the contributions of his wife to the growth of the company. There appears to be no prenuptial agreement, and the wife was once an executive at the company. Her marital contributions may also be considered has having contributed to company growth.

Most divorce proceedings include issues to be resolved, such as alimony and child support. A high-asset divorce, though, may require the equitable division of real estate, business assets, pensions and other property interests. Anyone facing such circumstances may want to discuss their situation with an attorney who could help them better understand the law and represent them during legal proceedings.

Source: CNN Money, "Oil tycoon could face record divorce judgment", Steve Hargreaves, August 12, 2014

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Goldman Law Offices

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