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Billions potentially at stake in couple’s asset division

Many of our Maryland readers are probably familiar with the annual listing by Forbes of the richest people in our country. There is usually an overall list of the richest people, as well as breakout lists by category, such as the richest athletes or movie stars. The most recent list of the richest Americans included Harold Hamm, who Forbes has reported is worth approximately $11 billion. Unfortunately for Hamm, he has made news headlines recently not because of his many accomplishments that landed him on the Forbes list, but for his impending high asset divorce.

Many divorces center on important assets such as real estate and retirement accounts, but Hamm’s divorce will seemingly be focused primarily on his most precious possessions: his business assets. According to the reports, Hamm owns 68 percent of a company known as Continental Resources – a company his wife was apparently instrumental in helping him build.

Hamm’s wife filed for a divorce back in May of last year. The filing was allegedly initiated due to her discovery that Hamm had been unfaithful. The initial reports covering the couple could not determine whether or not the high-profile couple had signed a prenuptial agreement prior to their wedding, which took place almost 25 years ago.

Divorces involving complex asset division are often in a league of their own. Almost anyone going through a divorce, no matter what the worth of their assets and marital property, will have to deal with the issue of asset division. But the more there is to divide the harder the decisions can get. This is especially true if the assets involved are worth billions of dollars and a company’s future hangs in the balance.

Source: abc News, “Hamm Divorce Could Be Most Expensive of All Time,” March 24, 2013

Related Posts: Divorcing and splitting your retirement account can be hard, Navigating the process of a high-asset divorce, A personal approach for even the most complex high asset divorce, Why a high asset divorce needs a detailed separation agreement, How does a high asset divorce impact my tax liability?,
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