As was expected, Sue Ann Arnall, ex-wife of Continental Resources Chief Executive Officer and Chairman Harold Hamm, has appealed the divorce judgment.
Divorce Judgment
The previously decided divorce judgment awarded her almost $1 billion of the Hamm marital estate. Ms. Arnall (she decided to go back to using her maiden name) is appealing the ruling made last month by Oklahoma County Court Judge Howard Haralson. The $1 billion award included cash and assets, and was to be paid over a period of years.
Why is She Appealing?
The judgment ruled in favor of Hamm, allowing him to retain most of the wealth from the 68% stake he holds in Continental Resources, a top 10 independent oil producer in the United States. The ruling saw this stake as Hamm’s “separate property.” Separate property is determined by state laws, but for the most part includes: any property one spouse owned prior to the marriage, gifts received by one spouse before or during the marriage, or any property acquired during the marriage that is in one spouse’s name and was never used for the benefit of the other spouse or the marriage.
Unfair
While Hamm’s attorneys feel Haralson’s ruling equitable, Arnall considers it unfair. Arnall’s legal team valued the couple’s combined net worth at $18 billion. They argued that amount should have been divided equally between Arnall and Hamm. Hamm founded Continental Resources in 1967. Years later the couple wed, but the majority of the company’s growth came during the period the two were married. The two were married for nearly 26 years.
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Source: NBC News, Harold Hamm’s Ex-Wife Appeals $1B Divorce Ruling, December 5, 2014
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