The long-awaited decision regarding the final divorce details of oil tycoon Harold Hamm has caught the interest of many Americans, including those in Colorado. Like most divorces involving ultra-wealthy couples with massive business investments, Hamm's divorce ended in a settlement. This one, however, looks to dwarf any other.
The 68-year-old billionaire who founded Continental Resources was recently ordered to pay almost $1 billion to his former spouse by an Oklahoma judge. The couple filed for divorce in 2012, but just recently spent more than two months in a trial to determine how the couple's assets would be divided.
Hamm has been ordered to pay his former wife over $995 million to settle alimony and property division. According to the judge's 79-page final decision, Hamm will pay his ex almost $323 million by the end of the year, with monthly payments of $7 million starting in January until the balance of the settlement has been paid off. Hamm's ex-wife will keep the marital home, which is worth almost $5 million, and a ranch valued at around $17.5 million. The oil magnate will keep two horses which were valued at over $400,000.
The settlement also alleviated the anxiety of Continental shareholders and employees about the company's fate. Hamm was awarded more than $2 billion in marital assets, including more than 122 million shares of Continental. This allowed Hamm to retain his 68 percent share in the energy giant, a leader in U.S. shale oil extraction.
When businesses, stocks and company shares are at stake in a high asset divorce, a divorce settlement that is reasonable and just can be difficult. A good settlement, however, can both resolve the divorce and provide each spouse with the best possible outcome. In this case, the settlement keeps Hamm's company, Continental, under his control.
Source: USA Today, "Ex-Wife gets nearly $1B in divorce ruling," Kevin McCoy, Nov. 11, 2014