Jump to Navigation

Oil baron's divorce among the costliest in history

Back in August, we wrote about the impending divorce case of self-made oil baron Harold Hamm. At that time, commentators were saying that the Oklahoma fracking tycoon's divorce could be one of the most expensive split-ups in history. This was being said because, according to Hamm's wife, his business has increased its wealth by $17 billion since the couple was married 25 years ago. Depending on the way Oklahoma property division was to be applied in the case, a lot was potentially at stake.

In Oklahoma, money which is earned by the efforts of one party can be subject to division, while property gained because of economic circumstances outside that individual's control is deemed separate. With Hamm's reputation as a self-made man, it was a hard sell to argue that he accidentally came into his wealth.

Earlier this week, we heard that the predictions were indeed true: Hamm's divorce was among the most expensive in history, as he will have to pay his ex-wife nearly $1 billion under the divorce settlement. One-third of that amount is coming to Sue Ann Hamm by the end of the year, and the rest will be paid out in monthly payments of no less than $7 million. That is in addition to the nearly $25 million Harold has paid her since the divorce was filed in 2012.

Unfortunately for Mr. Hamm, there was no prenuptial agreement to keep state property division law at bay. The decision not to have such protection was obviously a costly one.

Source: The New York Times, "An Oklahoma Oilman's Billion-Dollar Divorce," David Segal, Nov. 10, 2014.

No Comments

Leave a comment
Comment Information

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
  • Avvo Rating: 10.0 Superb
  • Attorney At Law
  • North Valley Magazine
  • William D. Bishop Sustaining Member | Arizona's finest lawyers
  • For Ethical Standards & Legal Ability: Peer Review Rated Martindale Hubbell 2012
  • Bar Register Preeminent Lawyer: 2012 Martindale Hubbell