Sue Ann Hamm, ex-wife of oil magnate Harold Hamm is set to appeal a judge’s divorcejudgement that awarded her nearly $1 billion. Mrs. Hamm believes the divorce judgement grossly undervalued the marital wealth she believes she is entitled to.
Hamm Marriage and Divorce Judgement
Mrs. Hamm, 58, contends the $ billion award is not fair, and is according to her lawyer, Rob Barber, “… is disappointed in the outcome of this case.” The couple, who were married for 26 years and have two children together, had no prenuptial agreement. Harold Hamm built oil company Continental Resources from ground up, pioneering the use of fracking, as well as development of the Bakken oil field in North Dakota. According to Wealth-X Mr. Hamm was reportedly worth over $20 billion in August.
Hamm Divorce Trial
During the trial, Mrs. Hamm’s lawyers argued Mr. Hamm’s success was the result of not only his skill and hard work, but the result of Mrs. Hamm’s partnership and support. According to them, as a partner, she helped make his success possible, and thus, should be entitled to a portion of his wealth. Meanwhile, Mr. Hamm’s lawyers attributed his success to rises in oil prices, and thus was largely out of the control of both himself and his wife. Mrs. Hamm also served in an executive position at one time in Mr. Hamm’s company, Continental Resources.
Hamm Divorce Judgement
While the Hamm v. Hamm is one of the largest divorce judgments in U.S. history, it is only a small fraction of what Mr. Hamm will keep. Mr. Hamm holds more than 68% of Continental Resources’ stock. That stock is valued around $13.5 billion, a drop from where it stood prior to the divorce – at $18 billion. Stock has fallen just as oil prices have fallen. As part of the divorce judgement, Mrs. Hamm will receive a third of the awarded $995.5 million by the end of the year. The remaining $650 million will be paid in installments of at least $7 million per month.
Source: CNN Money, $1 billion divorce settlement ‘disappointing’, November 14, 2014