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Oil tycoon faces serious divorce legal issues

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Celebrity breakups are all the rage in the media. Although residents in Arizona might grow tired of reading about them, they can help illustrate the struggles of a common divorce. Rich and famous couples, as well as those who have minimal assets, struggle to come to an agreement about issues such as property division, alimony, child custody and child support. How these divorce legal issues are handled could define an individual's life for years to come, so it is important to be as informed about them as possible. Paying attention to high-profile divorces could help.

Although oil baron Harold Hamm may not have the glitz and glamour of an A-list Hollywood actor, he is one of the richest individuals in the nation, worth an estimated $17 billion. However, Hamm and his wife are in the midst of a massive divorce. Depending on how a divorce settlement plays out, he could lose a significant portion of his fortune, and could even be required to sell shares of his company, thus losing control over it.

Most divorces end through settlement without having to go before a judge. While this may force a couple to confront each other, it also gives them some control over the final outcome. Therefore, if an individual is concerned about acquiring or losing a certain asset, he or she can discuss with his or her attorney so that the issue is addressed properly during settlement negotiation. If left to the court, a judge may decide on the asset in a way that the individual does not want.

Thus, having a strong legal team is imperative when it comes to divorce. Whether one has a net worth of $17 billion or something more modest, he or she still has a lot to lose. Gaining legal guidance and understanding their legal rights in the situation could be very beneficial for the divorcing spouse, especially if they are dealing with divorce legal issues. An individual can rest assured that his or her concerns will be addressed and that he or she stands a chance at a fair outcome.

Source: Business Insider, "Oklahoma Oil Baron Could Be Forced To Split His $17 Billion Dollar Fortune In Divorce," Alyson Penn, Aug. 15, 2014

Source: Business Insider, "Oklahoma Oil Baron Could Be Forced To Split His $17 Billion Dollar Fortune In Divorce," Alyson Penn, Aug. 15, 2014

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