Harold Hamm, the CEO and founder of Continental Resources who called a divorce settlement of about $1 billion, is now challenging his divorce settlement with Sue Ann Arnall in Oklahoma Supreme Court. The oil tycoon whose fortune has fallen dramatically due to the fluctuation of oil price argued that the settlement that awarded his ex-wife $995.5 million and several other pieces of property and assets is substantially larger than he initially agreed was equitable and fair. Sue Ann Arnall is also appealing for her part on the ground that Harold Hamm is getting too much of the fortune accumulated during their marriage. Under Oklahoma law, wealth that gained from the active effort or talents of either person is subject to split by the couple. This has allowed Arnall to subpoena evidence from Hamm’s business to determine the split of their wealth. A hearing on the appeals will be conducted on January 6, 2015, which also delays the payment schedule.
Abby Ohlheiser, “A guide to the billion-dollar divorce appeal that’s headed to the Oklahoma Supreme Court,” The Washington Post (January 3, 2015)
Posted by Jiaqi Wang, Associate Editor, Wealth Strategies Journal.