Oilman Harold Hamm appeals $1 billion divorce order

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Residents of Alexandria, Virginia, will agree that a divorce can impact both spouses emotionally and financially. If it happens to be a divorce involving a high-profile couple and high asset divorce case, as well, it can attract media headlines for months and maybe years, which will only make their lives even more difficult.

Oil magnate Harold Hamm has appealed a divorce ruling in Oklahoma County Court, claiming that the order for him to pay his ex-wife Sue Ann $1 billion in their divorce is erroneous and inequitable. Reports state that Hamm, who is the Chief Executive of Continental Resources, has filed this appeal following his estimated $19 billion personal fortune being decreased by half due to a drop in oil prices.

Reports said that when the oil magnate was ordered to pay his ex-wife $1 billion last month, he had publicly thanked the judge and called the ruling fair and equitable. Arnall also has filed an appeal in this high asset divorce case, claiming that the court was wrong in allowing her ex-husband to keep more than 90 percent of the wealth that they had built together.

She has contended that her ex-husband's fortune stemmed from the hard work of both of them during a 26-year marriage. That allegation is being disputed by Hamm. According to reports, Hamm, who is America's top owner of oil, has contended that market factors were responsible for the surge in value of his 68 percent Continental Oil stake, which he owned before meeting his ex-wife. Reports stated that both the appeals will be heard by the Oklahoma Supreme Court.

According to Oklahoma law, only the marital wealth that has stemmed from the active efforts or skills of either spouse qualifies for equitable division and is subject to division in a divorce. Since high asset divorce cases involve a lot of legalities, one may wish to seek

the services of an attorney in order to protect his or her financial interests.

Source: New York Post, "Oil tycoon appeals $1B divorce," Reuters, Dec. 31, 2014

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