Record Divorce Settlement: Oil Tycoon’s Ex-Wife Gets $974M

The ex-wife of an Oklahoma oil tycoon received a handwritten divorce settlement check for over $974 million. Sue Ann Arnall, the ex-wife of Continental Resources Chief Executive Office Harold Hamm, deposited the divorce settlement check for $974,790,317.77. The staggering amount represents the balance of the couple’s divorce settlement from November 2014. Mr. Hamm had previously paid more than $20 million, bringing the total settlement amount to nearly $1 billion.

Hamm Worth $9B During Divorce Settlement

The near-record divorce settlement stems from the couple’s 26-year marriage, which ended in 2012. Ms. Arnall, now 58, married Mr. Hamm, now 69, in 1988. Mr. Hamm owned Continental Resources, an oil and gas exploration firm, at the time of the marriage. During the marriage, shares in Continental underwent a 400-fold increase in the value, largely due to rising oil prices. While Mr. Hamm ran the company, Ms. Arnall worked as an attorney and an executive at Continental. At the time of the divorce settlement, Mr. Hamm was reportedly worth $9 billion.

“Passive Wealth” Included In Divorce Settlement

Mr. Hamm had filed an appeal of the divorce settlement ruling. His attorney had cited a portion of Oklahoma divorce law that only assets attributed to active business decisions should be included in a divorce settlement. Mr. Hamm claimed that, since most of his wealth had been built by factors beyond his control, the marital assets did not qualify as wealth built from active decisions on his part. While Mr. Hamm cited rising oil prices as “passive factors”, Ms. Arnall claimed that Mr. Hamm’s business decisions were a major component of Continental’s success.

Billion-Dollar Divorce Settlement Could Have Been Larger

Even after receiving a billion-dollar divorce settlement, Ms. Arnall had at first declined the massive payment. She appealed the decision on the grounds that it was unfair for Mr. Hamm to keep more than 90 percent of the marital assets. Ms. Arnall had reportedly sought 50 percent of the marital assets. At the time of the divorce settlement case, shares in Continental were valued at over $19 billion.

Source: EagleFordTexas.com

Get Answers For Your Divorce Settlement Questions

To find out how we can help with a divorce settlement, contact one of our attorneys today. Our intake team will take down the details of your case and quickly connect you to a divorce settlement attorney. You can also fill out the “Free Case Evaluation” form at the top of this page.