The end of a marriage can not only breaks hearts, but can also have an impact on finances as well. A failed marriage typically arouses negative emotions, such as sadness, bitterness, frustration and depression. There are financial matters to be settled as well in a divorce, and property division is just one of them. In a high asset divorce, where there is usually more at stake, the divorce battle can get really bitter.
A recent example is the high asset divorce of Harold Hamm and Sue Ann Arnall. Initially, when the court ordered the tycoon to pay $1 billion to his former wife, Hamm said that he was happy with the decision and felt that the judgment was equitable. However, now that his personal wealth of $19 billion has been cut in half because of the dip in oil prices, the Continental Resources founder has suddenly changed his mind. He has appealed for a revision after saying that the court judgment was inequitable.
In fact, right from the beginning of this high asset divorce case, Hamm’s former spouse has been harping on the fact that the wealth built up by the company was a result of their dual effort in the last 26 years. To this, the oil tycoon countered that his 68 percent stake in Continental Resources shot up in value because of the oil price hike. He says that it happened before he met Sue Ann and it had nothing to do with effort. He says he just got lucky.
This twist will drag the high asset divorce battle into its third year. So far, the case has been conducted behind closed doors because the judge contends that publicity would harm the company.
Source: EagleFordTexas.com, “Exclusive: Oklahoma oilman appeals billion-dollar divorce judgment,” Joshua Schneyer, Dec. 31, 2014