Hamm divorce settlement tops $1 billion

The divorce made headlines after the couple decided to stop feuding and settle. According to the report, the man agreed to pay his ex-wife, $1 billion as part of their divorce settlement. A subsequent court ruling ordered the 68-year-old billionaire to pay his ex-spouse about $323 million by the year end followed by $7 million per month until the rest of the settlement is paid. The wife also obtained the $4.7 million marital home and a ranch in California valued at $15 million. On the other hand, the man, will keep his 68 percent stake in the company he founded in 1967, the year he met his ex-wife. While $1 billion seems like a lot for a divorce settlement, this amount favors of the oil tycoon because he maintains control of the business.

However, recent reports stated that the man’s ex-wife is planning to appeal the divorce settlement. Reportedly, she believes that the decision was unreasonably in favor of her ex-husband. During the couple’s 26-year of marriage, the man’s stock worth increased to $18 billion. Experts said that the $1 billion settlement awarded represents only about six percent of the marital wealth.

When significant amounts of assets, properties and wealth are at stake in a divorce, it is expected that the process would result in delays and disputes. High-asset divorces wars may remind Californians why it is reasonable to protect one’s asset prior to marriage with a prenuptial agreement.

Source: CBSnews.com, “Divorce, 1 percent style: a $1 billion settlement appeal,” Aimee Picchi, Nov. 14, 2014

2022-03-25T08:10:07+00:0026 Nov 2014|
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