Harold Hamm faces complex property division in divorce

David M. Gabriel & Associates

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

Alimony can be lost based on cell phone data

David M. Gabriel & Associates

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

Fathers face distinct challenges to their custody right

David M. Gabriel & Associates

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

A prenup can simplify Massachusetts property division

David M. Gabriel & Associates

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

Property division can lead to Massachusetts condo disputes

David M. Gabriel & Associates

As some Massachusetts residents know, having a vacation condo is a luxury couples enjoy. However, when a couple decides to divorce, the shared condo can become a thorn in the property division process. If the condominium is not the primary residence, then charges and fees associated with the shared property can complicate property division. Condominiums are not often the main place of residence for many couples as they are more commonly used as vacation spaces or rental property. Nevertheless, fees must be paid to building owners to maintain the space. When a couple is divorcing, building owners can often be burdened with a lack of fee payment. If the issue of who will be sole owner of a condo is unclear, one party may not wish to continue to pay maintenance fees on a place they do not live and may not own after the divorce. Building owners may face their own legal issues if a divorcing couple cannot come to an agreement about a shared condo. Owners may need legal paperwork should one individual wish to keep the other title holder out of the shared space. Additionally, if the parties cannot come to terms with fee payments, building owners may have to take action for nonpayment, which could include eviction or suing for compensation. Property division can become exceedingly complicated when third parties are involved. Making the divorce and division process as painless as possible is usually the route most parties would like to take. Understanding the rights and

Terrence Howard high net-worth divorce comes to an end

David M. Gabriel & Associates

A high net-worth divorce can take time and at times seem difficult. It is typically not an overnight process, due to the high assets involved. Whether a high net-worth divorce takes place in Massachusetts or elsewhere, all individuals involved may benefit by preparing themselves in a way that ensures all matters are settled fairly. Actor Terrence Howard was recently in the midst of divorce proceedings. Throughout the marriage, allegations were made that led to the couple’s divorce. Based on allegations that she endured physical abuse and was subjected to violent threats, the Howard’s ex-wife was granted a protective order against him prior to the divorce proceedings. Howard has since denied these allegations. The divorce proceedings between Howard and his ex-wife have finally come to a close and have been settled by a court of law. Howard received the majority of the marital assets. His ex-wife was allowed to keep her bike, awarded three years of spousal support in the amount of $5,800 monthly but was ordered to return a Range Rover to her ex-husband. Now that the divorce has been settled, hopefully both parties can finally move on. This high-net worth divorce appears to have been settled favorably for the actor. At the outset of any marital dissolution, the parties have the option of litigating or seeking alternative dispute resolution options like mediation or collaboration. Like some ongoing disputes in Massachusetts, the Howard divorce took the better part of two years to reach a final settlement. Others, however, are able

When to seek help in the property division process

David M. Gabriel & Associates

Just as no two marriages are ever alike, so it goes with divorce. While reality television shows would have us believe that every divorce is embittered and nasty, in the reality version of reality there are many Massachusetts couples who end their marriages amicably. However, when it comes to the process of disentangling lives and finances, there can be such a thing as being ‘too nice,’ especially during the property division portion of the experience. Some spouses feel guilty about ending their marriage, especially if the other spouse is not ready to throw in the towel just yet. Other times, there have been lapses of judgment that lead one party to carry feelings of guilt. When considering how to end a marriage, the best course of action is to look at the process as a business transaction, leaving emotions completely out of the matter. For spouses who are considering filing for divorce without an attorney, it is important to understand what is at stake. The decisions made throughout the divorce process can have lasting effects, especially financial issues handled during the property division portion of a divorce. Having solid legal counsel is not an aggressive stance against one’s former partner, it is simply an acknowledgment that divorce is a complicated legal matter that requires a comprehensive understanding of Massachusetts law. When preparing to divorce, the best approach to take is to make every effort to protect one’s legal interests, and assume that one’s partner is going to do the same.

Non-traditional couples may face unique legal issues

David M. Gabriel & Associates

For many same-sex couples in Massachusetts, issues of marriage and divorce can become complicated. These matters can become exponentially more complex when a couple chooses to relocate to a state in which same-sex marriage is not recognized. In such cases, non-traditional couples are often confronted with legal issues that differ from those faced by heterosexual couples. This may be the case for reality television host David Tutera, whom readers may know for his role on the show ‘My Fair Wedding.’ Tutera married his husband ten years ago, but the couple relocated to a state that does not recognize same-sex marriage. They are now seeking to end their marriage, and are also facing a child custody battle. The couple is currently working with a surrogate who is carrying twins scheduled to be born in July. However, the men have been separated since Jan. 2013, and are currently seeking to end their union. Tutera’s husband is asking for full custody of the twins, and has recently gone public with accusations that Tutera has an addiction to sex. He further claims that Tutera frequently uses the services of escorts and prostitutes to conduct sexual activity. As this case moves through the legal process, the men will likely face issues that confront all non-traditional couples, including difficulties divorcing in a state that does not allow same-sex marriage. The matter of child custody may move forward in a separate proceeding, and each side will have the chance to present a legal argument as to why

David M. Gabriel & Associates

Harold Hamm faces complex property division in divorce

Alimony can be lost based on cell phone data

Fathers face distinct challenges to their custody right

A prenup can simplify Massachusetts property division

Property division can lead to Massachusetts condo disputes

Terrence Howard high net-worth divorce comes to an end

When to seek help in the property division process

Non-traditional couples may face unique legal issues

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David M. Gabriel & Associates

Categories

TAGS

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David M. Gabriel & Associates

Is Ready to Help You

Main Office

Salem Office

Burlington Office

Life Complicated? We Can Help

Life Complicated?We Can Help

Life Complicated?
We Can Help