With spring finally arriving after one brutally long winter, many Minnesotans are kicking off the winter blues and ready to enjoy the warmth of spring. Just like the ending of winter, many Minnesotans have thought about calling it quits with their marriage and moving on. Recently billionaire Harold Hamm decided to split from his wife. The high asset divorce is likely to be the world’s most expensive divorce.
The wealthy oil mogul, Mr. Hamm, has an estimated net-worth value of $11.3 billion that he has accumulated through his shares in oil. His wife of nearly 25 years filed for divorce recently after accusing her husband of cheating. It is predicted that Sue Ann Hamm will get over five billion dollars of the couple’s combined wealth. As of now, the top divorce settlement is between Rupert and Anna Murdoch at $1.7 billion. The Hamm’s could nearly triple that depending how the court rules.
One of the most difficult parts of divorce is dividing up the assets, especially for wealthy couples who have high value assets. For the Hamms, the oil business will need to be divided among the two. Continental Resources, the oil company Harold and Sue built together, will likely be split up. As of now, the couple owns 68 percent of shares of the company. The state in which they get divorced will determine how much of the company will be split up. Since Harold allegedly cheated on his wife, he could potentially lose more if the jurisdiction of the divorce falls in a fault state. Minnesota for example is a no fault state in which cheating would not be a factor in dividing assets.
While most Minnesotans will not likely face a divorce as expensive as the Hamms, high asset divorce can still be expensive. Individuals ready to file divorce are encouraged to consult with an attorney.
Source: ABC, “Hamm Divorce Could Be Most Expensive of All Time,” March 23, 2013