No Prenup May Cause Oil Baron to Lose Billions in Divorce

Posted By The Hunter Law Group || 17-Jun-2013

Prenuptial agreements are not just for the rich and famous, however, they do come in handy for those who aim to protect their finances whose numbers rest in the billions of dollar mark. For example, oil baron Harold Hamm is believed to be at risk of losing billions in his divorce because he and his wife never filed a prenuptial agreement prior to their marriage. His wife has accused him of being unfaithful in their marriage, and at this time there is even more drama in the courts involving whether or not the wife should be allowed to show the court recordings (both in film and audio) that she secretly made of her husband at home. However, due to the couple not having a prenuptial contract, Hamm's $11 billion worth may be at stake.

The couple has been married for over 25 years, and had they signed a prenup, it would have helped more clearly define the terms of the husband's wealth in the event they were to divorce. However, because these terms were not defined prior to the divorce, there is a very likely chance that the marital property will now be considered as just that, "marital." Due to the property not being made clear beforehand, it could result in Hamm losing a significant portion of his fortune. Reports to share that the couple has agreed on a "no-fault" divorce which means that the details of Harold's unfaithfulness will likely not be brought into the litigation.

One aspect of the Hamm's divorce that was being argued was in regards to when their separation date actually occurred. Harold Hamm claims that the two have been technically separated since 2003, though Sue Ann argues it was at the time she served him the divorce papers in 2012. What is interesting, however, is the fact that Hamm's worth nearly quadrupled in 2007, which would make the divorce settlement much more significant for the wife if the separation date was kept to last year. If they were to have agreed on the 2003 date, any of the assets accrued by Hamm during those following years would have been considered to be separate property, therefore not subject to property division laws during a divorce. Despite Hamm's claims, the couple has agreed to consider the official separation date on May 18, 2012 when Sue Ann filed for divorce. Because of this agreement, this will likely cost Hamm an extra $3 billion.

While the majority of people do not have to worry about what to do with their billions of dollars in assets, which does not mean that our assets are any less valuable to us. In the event of a divorce, protecting what is rightfully yours may be very important to you, which is why having a skilled Mission Viejo divorce lawyer on your side is so important. Whether you are considering filing for a divorce, or you would like to further discuss prenuptial agreements, please contact The Hunter Law Group, today for more information!