The Billion-Dollar Divorce: How Hamm Lost His Bacon

Marriage can be one of the most anticipated decisions of a lifetime… but it can be among the costliest as well. This is especially the case when newlyweds, due to emotional attachment, bypass the most necessary legal document due: a prenuptial agreement. Weddings and nuptials provide a fanfare of romantic entanglement at the combining of hearts and families. But a competent Michigan divorce attorney can tell you horror stories of neglecting the important financial details. After all, the actual marriage is a legally binding contract to take care of one another regardless of what life happens to toss your way. The recent Hamm divorce is proof of what hits the fan when you avoid that little piece of paper for the sake of not-so-happily ever after.

What’s the Big Deal About the Hamm Divorce?

High-profile divorce settlements often make the news because there was a lack of pre-marital preparation. The most expensive divorce settlement knocked the world for a loop as the wife was awarded almost $5 billion. While the recent Oklahoma-based divorce didn't come close to that ruling, it is still among the most expensive divorces in history… in fact, it's one of the top five!

With all the legal teams and business financial analysts available to tycoons, you would think they’d prepare themselves for the ultimate loss. And yet billionaires such as Harold Hamm insist they’re far too stubborn to worry about such matters. But Mr. Hamm now knows that nothing greases the palms of a divorce settlement like oil. As the CEO and Chairman of Oklahoma-based Continental Resources, Harold Hamm is a self-made man worth $12 billion. But when his second wife, Sue Ann Arnell, filed for divorce in 2012, Hamm’s life was about to turn into a rollercoaster ride through the court system. Right under the judging eyes of the American public.

What Was the Outcome and How Does It Affect Your Macomb County, Michigan Divorce?

After 26 years of marriage, a wife can generally expect to 25-30 percent of the marital assets. While that’s not normally significant in households with minimal assets or those living paycheck-to-paycheck, the playing field changes drastically for tycoons. Interestingly, in Sue Ann Hamm's case, the court ordered her husband to shell out almost $1 billion for their divorce settlement ("property division alimony"), which turned out to be a mere 7 percent of the marital assets. Sue Ann was also awarded the $4.6 million marital home, a $17.4 million vacation home in Carmel Valley, California, and another $800,000 vacation home in Enid, Oklahoma. Harold got to keep their $750,000 home in Branson, Missouri, and a 154-acre estate in Major County, Oklahoma valued at $300,000.

So then, how does Harold Hamm’s mistake affect your own divorce? It most likely doesn't—unless you happen to be a tycoon with a net worth of billions. Like it or not, we all tend to make unfair judgments when an enormous amount of money is on the line. Still, there is a huge lesson to learn here: Before entering a marital contract, sign a pre-nup. Protect what you've worked for so you can focus on the real work of creating a long and lasting marriage.

If you still find yourself at the end of your rope, be sure to contact your Michigan divorce lawyer as soon as you’re serious about starting over.

Femminineo Attorneys
Michigan Divorce Help
110 S Main St #200
Mt Clemens, MI 48043
United States
(586) 954-9500
http://www.michigandivorcehelp.com/

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