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Precedent- Setting Asset Division

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Financial testimony has just begun in the divorce of oil tycoon Harold Hamm from wife, Sue Ann Hamm. Harold Hamm established Continental Resources, a leading drilling company primarily based in North Dakota. Presently, Hamm owns a sizeable 68% of the company and many regard him as owning the most oil in the United States. While Hamm’s attorneys have urged the court to prohibit the public from daily courtroom proceedings as a means to protect company shareholders and to seal all evidentiary records, we do know that Sue Ann Hamm’s counsel has argued that approximately $15 billion of growth at Continental occurred during the parties’ marriage and that as a result, their client is entitled to equal division of these assets. Sue Ann Hamm retained the services of an expert witness to testify to confidential business records which indicate that up to $17.6 billion could potentially be divided between the parties. This number would be the highest American divorce settlement to date. Further, if Harold Hamm should be unable to pay what the court orders, he may be forced to sell numerous shares in Continental, which would shift power internally.The main question for the court to decide here is what exactly caused the rapid and expansive growth at Continental during the Hamm’s marriage? It is clear at this time that Harold Hamm’s counsel will likely argue that he is mostly responsible for the company’s success while Sue Ann Hamm’s counsel will present that other contributing factors created the growth and stability of Continental. While not every divorce involves millions, yet alone billions, every client should be informed of their rights, responsibilities, and what assets they and they children may be entitled to.  If you are considering filing for divorce and would like to speak to a trusted and experienced Long Island Divorce Attorney to discuss your options, please contact the Law Offices of Jay D. Raxenberg. Call (516) 491-0565 or toll free at (888) 543-4867.

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