High net-worth divorce could complicate Massachusetts proceedings

For many Massachusetts residents, being successful may mean gaining a considerable amount of money. Measuring success in this manner is not uncommon, and many individuals hope to maintain a certain level of wealth once it has been achieved. However, high net-worth divorce could threaten a person’s ability to remain in control of their assets, especially if there was not a prenuptial agreement in place.

Harold Hamm, founder of successful oil company Continental Resources, may be wishing that he had created a prenuptial agreement as he is now going through divorce. It was reported that Hamm’s worth comes in at approximately $17 billion, and now that he and his wife are separating, that wealth could potentially be split in half if it determined that it falls under marital property. In this case, the difference between hard work and luck could play a crucial role.

Hamm claims that he was very lucky in obtaining the wealth that is currently attributed to his name. As a result, he believes that he should continue to be in full control of that wealth. However, the assets involved in this situation could potentially be considered marital property and up for equitable division if it is determined that Hamm’s gaining of the wealth had little to do with luck.

Because Hamm would like to maintain his wealth and his wife likely hopes to gain an equal share, the high net-worth divorce could be quite complicated. For Massachusetts residents who have a considerable amount of wealth themselves, this case could give reason for them to consider prenuptial agreements. However, if such an agreement was not in place, parties going through divorce may want to find information on how property division could affect their situations.

Source: fool.com, “Could the Costliest Divorce Ever Make This Woman Richer Than Oprah?“, Matt Dilallo, Sept. 1, 2014

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