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Divorce between billionaire and wife hinges on interpretation

For couples in Minnesota who have significant assets, the process of divorce can be exponentially more difficult than that of a couple with limited assets. In many instances, there are substantial business assets that will be difficult to separate as the process moves forward. Each side might claim to warrant a larger piece of the financial holdings than is agreeable to either. With family-owned businesses with each side laying claim to its growth, the issues can get disagreeable and difficult.

A billionaire who is in the midst of a divorce with his wife of 26 years is facing losing control of his company. The man owns 68 percent of an oil company. He has an approximate net worth of $19 billion. While the man's work in building the company is widely touted as a major reason for its success, the strategy his attorney might take is to reduce his contribution so the attorney for his wife won't be able to claim as much of his wealth in the settlement. If it can be shown that his wealth was due to market factors that he had no influence in, then he might receive a bulk of it. The man owned the company before he married his wife and there was no prenuptial agreement.

With any kind of divorce, there will be a multitude of issues that have to be dealt with. A complex asset division can make the entire process seem arduous. Both sides are likely to want a massive piece of the pie. Whether there's a prenuptial agreement or not, the assets must be sifted through to determine exactly who has a right to what. Investments, properties, stocks, bank accounts and much more will be part of the process. If there is trickery and hidden assets involved, that too must be found to achieve an equitable settlement.

In this instance, a man claims to have built a billion dollar business and is trying to keep his wife from taking a large part of it in the divorce. Both sides are disputing the narrative of how the wealth was built. With a large amount of business assets and a high-net worth divorce, one of the most important factors will be having proper legal advice. For that, it is important to discuss the matter with a legal professional experienced in divorce with a complex asset division.

Source: Reuters, "Billion-dollar debate in Oklahoma divorce: Was oilman just lucky?," Joshua Schneyer, Aug. 3, 2014

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