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Large property settlement may cause large stock sell-off

Illinois has its fair share of millionaires; Oklahoma has the richest oil man in America. In this case of high asset divorce, a woman is suing the CEO of Continental Resources for half of his assets because she believed that his company grew during the marriage.

Since she may well be entitled to 50 percent of his wealth, this divorce will certainly set the standard for asset splitting no matter what the court decides.

While the company's paperwork actually states that he helped grow the company and that the stock took off due to his efforts, Mr. Hamm is backtracking and saying that the price of oil went up and therefore, through no effort of his own, the stock price went up.

He wants it to appear that he had nothing to do with the increase of assets because, if he did, his wife may well be awarded half of his wealth, which is said to be $28 billion.

The court has already decided that he may keep his stock because he owned it before the marriage, but the increase in assets is the focal point in this property settlement.

His ex-wife is busy singing his praises because if she can prove that, through his efforts, the stock grew in price during their marriage, she stands a better chance of getting half his assets.

Hamm, who is 68, created Continental Resources in 1967, roughly 21 years ago. His 58-year-old second ex-wife, who is currently seeking assets in this divorce, believes she and he have been instrumental in growing the company to its massive success today.

If you have high net worth and are contemplating a divorce, you may want to contact an experienced professional who can assist you in the highly complex situation that may arise.

Source: Yahoo! News, "Billion-dollar debate in Oklahoma divorce: Was oilman just lucky?" Joshua Schneyer, Aug. 03, 2014

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