When a couple in Dallas decides to end their marriage, they are likely to have numerous issues that must be hashed out. This is especially true if it is a high asset divorce. There might be prenuptial agreements to sift through and other divorce legal issues that will arise as a couple with significant assets in dispute moves forward in the divorce. When these divorces occur, they can grow contentious with legal wrangling dragging the process out.
For example, an oilman whose company is worth billions is divorcing from his wife of 26 years. The proceeding has ended after a 9-week trial and the participants await a decision. The company is in the husband’s name and there is a 68 percent share at stake. According to the wife and her representatives, she should receive a share worth $17 billion that was accumulated from the time the couple was married until they decided to split. If the wife is awarded what she requests, the assets from the company will have to be liquidated so she can receive her share. The records of the divorce are currently sealed.
People who are embroiled in a high asset divorce often take extreme steps to either hide assets or make outrageous claims to get their share of assets that they legally don’t have a right to. Prenuptial agreements must be studied in depth to determine their validity and whether or not they are valid. The best case scenario for a couple that is ending their marriage is to come to a reasonable agreement to divide the marital assets. However, divorces with large portfolios and successful businesses at stake often grown contentious, making it all the more important to have a proper legal basis for the claims.
In this case, the oilman and his wife were married before his company’s growth made it so lucrative. Because they’re divorcing, the wife wants a large portion of the fortune. If she receives it in the property division, he’ll have to liquidate some of his company’s assets. When there is a case in which there are massive assets at stake, the key can be the legal advice the participants receive. It’s imperative to speak to an attorney with experience in a high asset divorce for full protection.
Source: NBC News, “Billions at Stake as Oil Magnate Harold Hamm Divorce Trial Ends,” Oct. 10, 2014