Divorce doesn’t always come cheap, especially if you’re one of the wealthiest oil tycoons in the country. Harold Hamm, CEO of Continental Resources, has been ordered to pay his wife of 26 years, Sue Ann Hamm, an astronomical sum of $995.5 million as a very contested and time consuming divorce battle comes to an end. The decision, issued by Oklahoma Special Judge Howard Haralson, caps a nine week long divorce trial, and finalizes over 2.5 years of proceedings and case work. The pair never signed prenuptial or postnuptial agreements.
While most would be elated to receive such a grand judgment, the almost billion dollar amount is less than what Sue Ann had originally requested. According to reports, Sue Ann and her team of divorce attorneys asked to split the marital estate, which includes shares of Continental Resources, and is estimated be worth around $17 billion at the time of filing. Judge Haralson’s Order does not require Harold to sell a portion of his Continental shares (he holds 68% of them), which greatly reduces the amount of money he has to pay his ex-wife. The final ruling is open to appeal, but if it is ultimately accepted by both parties, the settlement will shatter previous divorce records.
The unimaginably large alimony payout will be distributed to Sue Ann in installments of about $7 million per month, with a stipulation stating that Harold is required to transfer a third of the funds to his ex-wife before the end of the calendar year. This equates to approximately $322.7 million by December 31, 2014. To further enforce his ruling and to ensure that the funds are paid in the stipulated manner, the Honorable Haralson has put a lien on 20 million of Harold’s Continental Resources shares. Additionally, Sue Ann was given sole use and occupancy rights to the former couple’s California ranch (valued at $17.5 million), and home in Oklahoma City (worth $4.7 million).
Given the sensitive nature of matrimonial and family law cases, records are typically kept private and are shielded from the public. However, news outlets and other forms of media occasionally pick up on stories that discuss the intimate details of celebrity and high net worth divorce matters. Regardless of whether or not these public figures have prenuptial agreements, specifics outline the gritty details of all aspects of the divorce proceeding, including confidential information surrounding assets and grounds for divorce.
High net worth matrimonial cases require a great deal of extra work and expertise, and thus, should not be handled by under experienced attorneys. The professionals at the law firm of Brian D. Perskin & Associates, P.C. have over 40 years of combined experience representing a number of high profile litigants in Supreme and Family Courts in the greater New York City area. Equitable distribution, alimony, business and property valuations, as well as child custody and support are delicate aspects of divorce, and need to be dealt with properly. Get the top-notch representation you deserve and contact Brian D. Perskin to schedule your complimentary and confidential consultation today!