Oil tycoon’s divorce settlement could be most expensive of all time

The Chicago Tribune reports that one of the world’s top billionaires could soon have the most expensive divorce settlement in history.

Harold Hamm, whose net worth is about $11.3 billion thanks to the oil industry, is divorcing his second wife, Sue Ann Hamm. They have been married for 24 years when the filed for divorce last May. The divorce filings revealed that Sue Ann Hamm has accused her husband of having an affair.

Whether or not Hamm, 67, and his soon to be ex wife Sue Ann, 56, had a prenuptial agreement is not public knowledge. Experts have said that without one, the settlement may exceed the most expensive to date between Rupert and Anna Murdoch at $1.7 billion. Forbes explained that Harold could owe Sue Ann over $5 billion in the divorce.

This would mean Sue Ann could potentially own nearly half of Harold’s portion of the oil business. He currently owns 68 percent of the shares in Continental Resources oil company. This would mean that he could lose “control over the company he founded in 1967,” Forbes reported.

It is possible that Oklahoma family law could prevent such a high settlement from passing, however. The law states that, “wealth accrued through the efforts of either spouse during a marriage would typically be subject to ‘equitable distribution’ between the parties.”

A legal specialist added that the court will look at what each party has contributed, but it appears that each spouse worked hard in the business. “Where there are concerns about company control in a settlement, a spouse would usually get paid the value of the shares,” she said.

It has been reported that attorneys for each party involved in the Hamm case will present evidence to reach a settlement on May 20.

If you are considering going through a divorce, contact an Illinois divorce attorney today. Martoccio & Martoccio family law attorneys can help you in Illinois divorce court today.

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