For those in Virginia following the divorce of oil mogul Harold Hamm, two important things have recently occurred in the proceedings. First, the couple has agreed to a no-fault divorce. Second, it has been discovered that the couple has no prenuptial agreement. This means that the Hamms may find themselves in court in order to come to an equitable division of an estimated $11 billion business.
The couple has already come to the first major decision that will affect the amount of money that Harold Hamm will have to give his soon-to-be ex-wife: the date they are to be considered legally separated. The couple has decided that date will be around May 18, 2012. This is the day that Sue Ann Hamm filed the divorce papers.
Reports indicate that Sue Ann Hamm originally moved out of the couple's home in Enid back in 2003 amid rumors of Harold's infidelity. If the date of separation had been sometime in 2003, the amount of property available for distribution would be substantially different. Harold's oil business soared in value sometime around 2007. By choosing a date in 2012, Sue Ann may be entitled to far more than Harold may be comfortable with now.
The couple has agreed to have the value of the business determined by an independent valuation expert. Once that value is determined, the decision can be made on an equitable division. A similar valuation can also help couples in Virginia determine what would be fair and equitable when it comes to dividing the marital assets in a divorce.
Source: nbcnews.com, "No prenup could cost oil baron billions in divorce," June 14, 2013