In Washington State and across the country, there are a number of differences between a conventional set of family legal issues when a couple chooses to end their marriage and what is in dispute with a high asset divorce. Any divorce will have its difficulties due to property division, child custody concerns, spousal support and numerous other factors that will arise. If there are substantial assets that were part of the marriage, it's likely that both sides will do whatever they can to get as much as possible.
The divorce between oilman Harold Hamm and his wife was decided with the billionaire ordered to pay close to $1 billion to his ex-wife to settle the matter. Mr. Hamm, 68, is one of the richest men in the country and owns 68 percent of his company. The company's value is believed to have increased by 400 times during their 26 year marriage. The judge's ruling awards the 58-year-old Mrs. Hamm significantly less than what she and her attorneys were requesting and it is subject to appeal, but it is not known whether she will accept the amount - a total that will still make her one of the 100 richest women in the U.S.
No matter the circumstances surrounding a couple ending their marriage, one of the most important factors is having proper legal advice. This is especially true in the event that there are substantial assets at stake and a dispute as to whether or not one spouse played a role in the accumulation of the wealth. While many divorces are settled amicably, some are contentious with the couple disagreeing and battling over everything. Regardless of the reason for the divorce, whether it's infidelity, abuse or a simple matter of growing apart, it's imperative to know how to move forward with a strong legal foundation.
Given the massive amount of money and property at stake, as well as the questionable future of Mr. Hamm's company if the decision forced him to liquidate his ownership of the company, it was being watched closely as a case study in a high asset divorce. High asset divorce or not, family legal issues can be complex. The first step for anyone is to discuss the matter with an attorney with a wide variety of experience in dealing with family legal issues.
Source: MSN.com, "Continental CEO Harold Hamm ordered to pay $995 million in divorce," Joshua Schneyer, Nov. 10, 2014