The divorce process can become extremely complicated, as it can be difficult or contentious to split up a household and assets after decades of marriage. For one couple, the enormity of the amount of assets has landed their divorce in the news recently. The couple’s high-asset divorce is newsworthy, even more now that the ex-wife has rejected a settlement of nearly a billion dollars. Any New Jersey couple embroiled in a high-asset divorce may want to follow how the case unfolds.
The ex-husband is the chief executive of Continental Resources, an oil company. He and his wife were married for 26 years. Representatives for the ex-wife’s side contend that the oil baron is worth $18 billion. During the divorce, the ex-husband paid his ex-wife over $20 million, and the case is being dubbed the largest divorce settlement.
The offer to pay a settlement of more than $974 million was rejected, as the ex-wife feels that amount is inadequate, considering the vast wealth at stake. She contends the fortune was made through hard work by both parties, not just her husband. Also, an acceptance of the personal check for nearly one billion will hurt any attempt to appeal the decision.
A high-asset divorce may take longer than other divorces due to the amount of assets that may need evaluated by professionals. Once all assets are accounted for and assigned a value, the actual division of those assets may take quite a bit of time and energy based on the unique circumstances involved. An appeal of a settlement may be one avenue for those in New Jersey who feel they did not get an equitable share from the high-asset divorce.
Source: inforum.com, “Oil baron Harold Hamm offers $975 million divorce check; ex-wife rejects it“, Jan. 6, 2015