A number of months ago this blog presented Minnesota readers with a number of stories on the high-asset divorce of Harold Hamm. At the heart of many of the articles was the fate of Hamm's controlling interest in the oil company he founded, Continental Resources. When news of the divorce filing became public, concern about the future of the company shook investors. Recent news, however, will put many of the oil company's investors at ease.
When oil man Harold Hamm and his wife, Sue Ann Hamm, filed for divorce, one of the biggest questions for investors was the fate of the 122 million shares Hamm held in his company, Continental Resources, prior to his marriage. Hamm reportedly owns a 70 percent stake in Continental, making him one of the richest men in the world with an estimated net worth of $14.6 billion, according to a Forbes list of Global billionaires.
The fate of Hamm's business interest in the company revolved largely around how the court would classify the property for purposes of distribution during the divorce. If the property were deemed marital, then Sue Ann would have a right to claim some the shares. If it were deemed separate property, then Hamm would retain his interests. A district court judge wrote in a February opinion that the property is pre-marital and will not be subject to division.
High asset divorces like this can be difficult for numerous reasons. From the fate of a small family-owned business to the future of a large billion-dollar operation, for many wealthy couples there is a lot to lose in a divorce. While there are many ways to protect assets in divorce, whenever the waters start to get murky, the best way to protect one's self is to enlist the assistance of an experienced family law professional right away.
Source: Forbes, " Judge: Billionaire Hamm To Retain Control Of Continental Resources In Divorce Settlement," Christopher Helman, Mar. 4, 2014
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