The divorce process can be complicated when there is a large sum of money and assets on the table. It’s important for Massachusetts spouses to be knowledgeable about how assets are divided in equitable distribution. Harold Hamm, who is said to be worth $14 billion, has been ordered to pay his wife $995.5 million in their divorce case.
The divorce process has been going on for the past two years, and the trial lasted for over two months. The outcome has forced Hamm to pay $320 million by the end of the year, and the remaining balance would be paid in the amount of $7 million per month after that. The husband currently owns 253 million shares of his Continental stock, and to make sure the money is paid, the court placed a lien on 20 million of his shares.
In addition to the money that is required to be paid, the wife was awarded a ranch and two homes. In spite of the award, the wife felt that she was bilked and that she should have received at least 25 to 30 percent of the marital assets. In the court order, the husband was awarded family photos, hand tools and one home.
Divorce is already a challenging situation for most Massachusetts spouses, and it’s even more so when there are high assets at stake. In this case, the wife was apparently awarded a large portion of the marital assets after a long court litigation process. If spouses initially cannot agree, they typically sit down with a third party mediator to settle all pertinent issues. If they still cannot agree, the court will decide how to distribute certain property and assets.
Source: Forbes, “Billionaire Oilman Harold Hamm To Pay $1 Billion In Divorce“, Christopher Helman, Nov. 10, 2014