Oil tycoon to pay huge divorce settlement

When it comes to divorce settlements in the Morris County area, or anywhere else, the courts will typically try to ensure that both parties are treated fairly. That means that in many cases the spouse who is the primary earner in the family will have to pay a settlement amount and/or spousal support to the other spouse. That amount will largely depend on the primary earner’s income and how much was obtained during the marriage.

One of America’s wealthiest men has agreed to a divorce settlement that will go down as one of the largest in history. According to reports, Oklahoma oil tycoon Harold Hamm, who is the CEO and top shareholder of Continental Resources, has been ordered to pay his ex-wife, Sue Ann Hamm almost $1 billion. Because of the ruling, Ms. Hamm is now one of the wealthiest women in America.

According to court documents, Mr. Hamm will have to pay $320 million immediately to his ex-wife, then a minimum of $7 million a month after that. Reportedly, Mr. Hamm did not have a prenuptial agreement in place when the couple married in 1988. Despite the huge settlement, Mr. Hamm can still count himself among the country’s wealthiest men, as Forbes as listed his total net worth north of $18 billion.

Obviously not all divorce settlements will be dealing with this kind of wealth. However, no matter how much you’re worth, it’s important that each party is treated fairly in divorce and that both parties are taken care of financially. If you are considering divorce and have questions and concerns regarding property distribution and spousal support, then you might want to speak with an experienced family law attorney.

Source: New York Times, “An Oklahoma Oilman's billion-dollar divorce,” David Segal, Nov. 10, 2014.