The CEO of Continental Resources, Harold Hamm’s divorce has finally concluded. The energy mogul, who had a net worth of over 17 billion dollars pre-divorce, was ordered to pay his ex-wife, Sue Ann Hamm, almost $1 billion by an Oklahoma City family law judge. For more details about the case, keep reading today’s blog by your Pittsburgh Divorce Lawyers.
The divorce, which was filed in 2012, and included a trial that lasted over two months, finally concluded on Monday when Oklahoma County Judge Howard Haralson issued his final judgment. In his ruling, which was 79 pages long, he ordered Mr. Hamm to pay his ex-wife $99.4 million in what he called “property division alimony.”
Among the assets that made up this almost $1 billion was the Oklahoma marital home, including most of its contents, which was appraised at a value of almost $5 million, and a ranch in Carmel Valley, California, worth over $17 million. Additionally, the judge ordered Mr. Hamm to pay $322.7 million to his ex-wife by the end of 2015. Beginning in January he was ordered to pay a minimum of $7 million per month until the balance is paid off.
With regards to traditional support alimony, the Judge decided not to award that to her noting that the share of the martial estate she was awarded “represents a substantial sum of money.” In order to be awarded alimony in a divorce proceeding in most states, including during a Pennsylvania divorce, the Court needs to find that the higher-earning spouse has the ability to pay and that the lower-earning spouse has the need for this support. Regarding this, the Judge stated that “No evidence was presented by the petitioner that demonstrated a need on the Wife’s part for support above and beyond what she is receiving as her share of the marital estate.”
Though the almost $1 billion award may seem incredibly large, and something anyone would be beyond thrilled to obtain, Mr. Hamm got off easy. At play at the start of the divorce was half the value of his corporation, and there was an indication that he would end up paying his ex $3 billion at the end of the divorce.
If you are in the midst of a Pennsylvania divorce and are seeking to obtain alimony from your soon-to-be ex-spouse or would like information about Pittsburgh equitable distribution, contact our team at Lisa Marie Vari & Associates. Our lawyers have represented hundreds of clients during Pittsburgh divorces and will provide you with the guidance and representation you need during your case.