“Honey, who gets to keep the oil business?” Most Montgomery couples going through divorce are unlikely to ask this question but for billionaire Harold Hamm, dividing up his 68 percent share in Continental Resources could potentially make his divorce one of the most expensive in the world. The oil giant and his second wife, Sue Ann Hamm, have decided to call it quits after 25-years of marriage.
One of the biggest challenges the Hamms will face is property division. Hamm’s share in the company is reportedly worth over $11 billion dollars which under equitable distribution laws could possibly entitle his wife to half, or over $5 billion in a post-divorce settlement. This divorce has made headlines as possibly the world’s most expensive divorce.
Over two decades of assets have been acquired by the couple, most notably the oil business Hamm started but which increased significantly in value during the marriage. The court will look at several factors in determining how the business will be split up. Since Oklahoma, like Tennessee, is an equitable division state, the court will divide property according to what they think is fair. They will take into consideration of the couple’s 25 years of marriage and two kids as well as Sue Ann’s role in the company. It is reported that Sue Ann worked as an executive at Continental Resources where she founded key marketing units, as well as many other important roles.
Just about every Montgomery resident going through divorce will face some form of property division. Even though most couples may not be as wealthy as the Hamms, dividing property can be a major challenge to overcome in a divorce. Most residents find that the counsel of a legal professional may be helpful when it comes down to dividing property.
Source: Forbes, “Oil Billionaire Harold Hamm’s Divorce Could Be World’s Most Expensive At Over $5 Billion,” Clare O’Connor, March 26, 2013