$1.3b divorce deal not enough

$1.3b divorce deal not enough

The ex-wife of oil magnate Harold Hamm who was awarded cash and assets worth more than US$1 billion (S$1.3 billion) in their divorce this week, plans to appeal the judgment on grounds that it grossly undervalues the marital wealth she is entitled to.

Feeling shortchanged by a ruling that allows the Continental Resources (CLR.N) chief executive officer to keep around 94 per cent of the estimated US$18 billion rise in his Continental shares during a 26-year marriage, Ms Sue Ann Hamm will appeal, one of her lawyers, Mr Ron Barber, told Reuters.

She believes the decision was "not equitable", he said.

ASSETS

On Monday, Oklahoma County Court Judge Howard Haralson ordered the CEO, who is believed to own more oil than any other American, to pay his ex-wife US$995 million.

The ruling allows her to keep additional assets, including a California ranch and an Oklahoma home, worth tens of millions more.

Mr Barber said: "Sue Ann is disappointed in the outcome of this case. She dedicated 25 years as Harold's faithful partner in family and business."

A lawyer and economist, Ms Hamm worked at Continental during stretches of the couple's marriage, which began in 1988.

At one point, the ruling said that she was an executive in charge of Continental's crude oil marketing division. She left the company in 2008.

At other times, she worked at home, helping to raise the couple's two children.

Family law experts said the appeal process could take anywhere from 18 months to several years. Ms Hamm has 30 days from when the ruling was filed, on Nov 10, to appeal it.


This article was first published on Nov 15, 2014.
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