June 2013

Harold Hamm faces complex property division in divorce

Many people in Massachusetts may know that one of the richest men in the country is an oil magnate named Harold Hamm. At present, he owns the most oil still in American land and currently owns 68 percent of Continental Resources. Now that his second wife has filed for divorce and the couple had no prenup, Hamm is facing a complex property division that could potentially cost him the controlling interest in Continental. When the couple married nearly 25 years ago, neither of them may have seen a reason for a prenuptial agreement. However, in 2007, the value of Continental increased approximately five times. As a result, Hamm is currently worth somewhere in the neighborhood of $11 billion. The couple has now made two decisions that will help them in their endeavor to come to a settlement. The first is to decide on a date of separation for the valuation purposes. That date will be sometime around the day the divorce was filed, which was May 18, 2012. The second thing the couple decided was to have a “no-fault” divorce. Originally, Hamm’s wife, who was an attorney with the company, was going to sue Hamm for divorce on grounds of infidelity. In order to make this complex property division a little easier, the couple is using an independent appraiser to perform a business valuation. Once that valuation is complete, the negotiations will begin with regard to how much money Hamm will end up paying his estranged wife. Any couples in

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Alimony can be lost based on cell phone data

For many Massachusetts residents who have come through divorce, the money received by way of alimony payments is vital to one’s ability to move forward in their new lives as single people. In many cases, the partner who receives alimony set aside their own education or career advancement in order to support the family unit. When such a marriage ends in divorce, the courts often recognize those sacrifices through an award of alimony. However, spouses who rely on receipt of those payments to make ends meet should be aware that there are choices that can put them at risk of losing their alimony. For example, in many divorce agreements there is a stipulation that alimony will cease of the receiving party remarries or begins to cohabitate with another partner. While this may seem like a clearly defined boundary, in reality the issue of cohabitation can come under serious legal scrutiny. As a new relationship progresses, overnight visits are often the norm. In fact, in the early stages of a new love, many people seek to spend as much time together as possible. For divorced parents who retain custody of their children, spending time with a new partner is often easier in the evening hours, after the children have gone to bed and the house is quiet. However, it is important to consider how one’s lifestyle could come into play if their former spouse chooses to try to stop paying alimony. One tool that is frequently used in alimony cases involves

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Fathers face distinct challenges to their custody right

In today’s society, what were once considered ‘traditional’ parenting roles are often reversed, or the lines between the roles associated with motherhood and fatherhood have been blurred. More and more mothers are active in the workplace, and father who choose to stay at home and raise their children are no longer an anomaly. Even in Massachusetts households in which both parents work, fathers play a far more active role in the upbringing of their children than in generations past. Unfortunately, however, fathers who divorce still face challenges when attempting to assert their custody rights. The law is widely known to lag behind social change. While some judges have come to acknowledge and honor the equal role that many fathers play in the lives of their children, this is not always the case. In many custody battles, the mother has an advantage from the very outset, based on nothing more than cultural presumptions. Therefore, fathers who wish to win shared or equal custody must take a string stance from the beginning. Perhaps the most important aspect of winning the right to share equally in the upbringing of one’s children is to assert one’s parental rights as soon as child custody negotiations begin. It may be helpful to chart out various parenting time arrangements, in order to have a visual reference that shows how different schedules would play out over a given month. In some cases, fathers who receive an every-other-weekend schedule could go as many as 12 days without spending time

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A prenup can simplify Massachusetts property division

When a couple is preparing to begin a life together as husband and wife, many consider drafting a prenuptial agreement. Once considered to be solely in the realm of the rich and famous, these contracts are becoming commonplace within many marriages, regardless of wealth. A prenuptial agreement can greatly simplify the property division portion of a Massachusetts divorce, in the event that a marriage does not work out. In order to create a prenup that will withstand any future legal challenge, there are a few necessary precautions that should be taken at the onset. A prenup should be clearly drafted and easy for all parties to understand. It should outline a fair distribution of assets in the event of a divorce, and not make any extreme or unbalanced demands. Finally, a prenuptial agreement should be just that: an agreement, not a condition of marriage. Should one party try to challenge a prenup, the matter will likely go before a judge. Judges will review the agreement to ensure that it was created as an outline of how assets are to be divided in the event of divorce. Stipulations or conditions that are unfair or heavily biased toward one party are likely to be thrown out. In the event that the entire document is found to be invalid, the property division process will revert back to the guidelines of the state. The best way to create a prenuptial agreement that is fair and enforceable is to work together to structure the Massachusetts

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