Harold Hamm is a 68-year-old oil magnate who is CEO of Continental Resources, an oil-exploration company that is known as a pioneer in the oil industry. Hamm has been on the cover of Forbes magazine, served as energy advisor to presidential candidate Mitt Romney, and is estimated to have a net worth of around $15 billion, making him one of the wealthiest men in the United States. Hamm married Sue Ann, an attorney in 1988 and, though he claims they have been separated since 2005, Sue Ann filed for divorce in 2012.
The divorce dragged on for over two years, culminating in a trial over the summer that lasted over two months. On November 10, 2014, a judge in Oklahoma City ordered that Hamm should have to pay his former wife a settlement of $995.5 million, which is one of the highest divorce settlements in history. The judge ordered Hamm to pay at least $320 million by the time 2014 ends, with monthly payments continuing at least $7 million per month until the settlement is paid off. The judge placed a lien on a substantial amount of Hamm’s stock in Continental Resources to ensure he comes through with the payments.
The Decision Could Have Been Worse
Though $995.5 million is an astronomical amount of money to most Americans, the settlement could have been more. Forbes reports that the highest divorce settlement ordered in the history of the world was $4.5 billion, which took place in the case of a Russian fertilizer tycoon. Hamm’s settlement comes in at the fourth largest that has been reported in the world thus far.
Rumors had been circulating regarding the divorce for months, most of which predicted Hamm would lose much more. For example, because most of his fortune is tied up in Continental Resources stock, some people estimated he would lose enough stock to fall below 50 percent ownership in the company (he currently owns over 70 percent). Losing majority ownership in the company he built would have been devastating. Additionally, others predicted that Sue Ann would receive around half of the $15 billion dollar fortune, and in reality she only received about seven percent of his net worth. Hamm released a statement thanking the court and stating they all believed this was a “fair and equitable” decision and result in their case.
High Asset Divorces Can Be Complicated
Most high worth divorces are complex because they can involve many different kinds of assets, including business ownership interests, real property, stock, funds in offshore accounts, and much more. For this reason and more, you should always have an experienced family law attorney representing you to ensure that any property division or support determinations are fair and equitable. Alan R. Burton is an experienced divorce attorney in Boca Raton who knows how to handle high worth divorces and stand up for your best interests. Call our office today for help if your are facing divorce.