Oklahoma City, OK-There was a lot more at stake, nearly $20 billion, but Oklahoma oil tycoon was ordered Monday to pay his ex-wife a nearly $1 billion dollar settlement.
After an over two-month trial, a divorce judge ordered Harold Hamm to pay his ex-wife Sue Ann Hamm $995.4 million dollar settlement. He was directed to pay her a lump sum of $322.7 million by the end of the year and begin making monthly payments of $7 million each month until the balance is paid off, USA Today reported.
Sue Ann Hamm was also awarded the couple’s $4.9 million marital home in Oklahoma along with a California ranch valued at $17.9 million. That’s all on top of the $25 million Harold Hamm paid his estranged wife when they first split.
Sue Ann Hamm originally asked for alimony on top of the divorce settlement, but the judge denied that request.
Before you go thinking Sue Ann Hamm fleeced her ex, it’s important to note that most of her husband’s estimated net worth, which WealthX estimated to be around $20.2 billion, was accumulated during their 26 year marriage and she played a role in helping Continental Resources grow to the billion dollar company it is today.
Divorce settlements serve as a recognition of the each spouse’s contribution to their marriage and the wealth they accumulate to their marriage. Given the settlement Sue Ann Hamm was awarded, it appears as though the judge recognized her contributions to the success of her husband’s company. An outstanding divorce attorney understands how important a task this is and will work diligently to benefit their client.
Hamm also made out well in the divorce with the judge awarding him $2 billion in marital assets and over one hundred shares of Continental Resources stock valued at $1.3 billion. He also retains possession of two prize horses which cost approximately $400,000 each.
He will also retain 68 percent ownership of Continental Resources. After the ruling, Forbes estimated that Hamm is worth $14 billion, so she didn’t get nearly the typically prescribed half.
While Sue Ann Hamm received an unheard of $1 billion dollars, it doesn’t compare to the over $4 billion Russian fertilizer tycoon Dmitry Rybolovlev paid to his ex-wife. That is believed to be the highest divorce settlement ever paid.
Divorces can be painful and take weeks or months to settle. Battles over money, property and assets can take weeks or months to settle. Since this along with child custody can be two of the most contentious issues, each party would benefit by having a divorce attorney on their side.
When divorce is unavoidable, each party should consult with a divorce attorney to assist them with all aspects of their dissolution and protect their interests in the process. They will be by your side through the entire process and won’t rest on your case until you are awarded a fair and just settlement along with a favorable child custody arrangement.