A while ago we posted about a high-asset divorce proceeding involving billionaire oil tycoon Harold Hamm. At that time, we discussed the potential outcomes and how they can relate to Arizonans. Now, that divorce has been finalized. Bringing the contentious divorce to a conclusion, the judge on the case ruled that Hamm’s ex-wife should be awarded nearly $1 billion; $995 million, to be exact. Hamm is to pay his wife about one-third of the final amount by year’s end, then pay her $7 million per month until the remaining balance is paid.
The divorce process can be tough emotionally and financially. The idea of bringing a relationship to an end can be heart-breaking, and the circumstances under which a couple comes to the end of their marriage can be crushing. However, as can be seen in the Hamm case, a marriage dissolution can also be costly. No matter which side a party finds himself or herself on, having strong legal representation is a great way to ensure his or her best interests are protected to the fullest extent.
When it comes to property division, an attorney can help in numerous ways. He or she can help an individual find and document all marital assets, which can otherwise be quite difficult. A lawyer can also assist an individual in the valuation process, which is pivotal to ensuring any financial settlement is fair. For many, even those who are not a Harold Hamm, a prenuptial or a postnuptial agreement may be a strong option to ensure their financial interests are protected.
In the end, dissolving a marriage is rarely easy. While settlements can often be reached without going to court, sometimes the dispute is simply too heated. As in the Hamm case, these matters can become highly delicate with a lot on the line. When that is the situation, it may be best to acquire the services of a strong legal ally who will be by an individual for the duration of the process.
Source: NBC News, “Oil Mogul Harold Hamm to Pay Wife $995 Million in Divorce,” Nov. 10, 2014