When is a billion dollars not enough? In the divorce case involving billionaire energy magnate, Harold Hamm, and his wife of 26 years, Sue Ann Hamm, the Oklahoma judge’s recent award of 1 billion to Sue Ann apparently doesn’t cut it. She has decided to appeal the ruling – seeing the settlement as too small when considering Harold Hamm’s $16 billion dollar fortune.
Hamm made his fortune through the oil and gas company he founded in 1967, Continental Resources. He met Sue Ann there and they married in 1988 without a prenuptial agreement, leaving half of Harold’s fortune up for consideration in the court case.
According to reports, the grounds for the small award boiled down to the role Harold Hamm played in Continental Resource’s success. Lawyers for Hamm sought to prove that Continental’s stock gains were made due to the market conditions rather than Hamm’s leadership, making those gains ‘off the table’ in the divorce settlement.
As the settlement stands today, Sue Ann will be getting $995.5 million, with a third of that due by the end of the year. The rest will be paid in installments of $7 million a month.
Property division can be a complex matter when divorcing. If you are considering an Illinois divorce and have concerns about reaching an equitable settlement, contact the Law Offices of Schlesinger & Strauss, LLC. We have over 50 years of combined experience in family law matters, including property division, prenuptial agreements, divorce, child custody and support. Call us today!
Source: Forbes.com, “Think Harold Hamm’s Billion-Dollar Divorce Breaks The Bank? Others Have Paid More”, accessed December 19, 2014.