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

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

Former Dodgers owner back in court in high net-worth divorce

David M. Gabriel & Associates

When it comes to divorce settlements, many believe that once the ink is dry, there is little to nothing that can be done to alter the agreement. However, a very high-profile and high net-worth divorce is headed back to court a year after a settlement was reached, and may result in a different division of assets than formerly agreed upon. Many in Massachusetts followed the headline-grabbing divorce between Dodgers owner Frank McCourt and his wife Jamie McCourt. The couple reached an agreement in Oct. 2010. Jamie McCourt accepted $131 million in exchange for relinquishing her claim to co-ownership of the Dodgers. However, when her ex-husband sold the team in May 2012 for an estimated $2 billion, that agreement began to appear unbalanced. An attorney for Jamie McCourt points out that settlement was reached based on Frank McCourt’s estimate that the team would be worth no more than $300 million. That would put the division of assets somewhere in the ballpark of 93 percent for Frank McCourt, and 7 percent for Jamie McCourt. The most recent filing asserts that Frank McCourt committed fraud by misrepresenting the value of the team during the divorce process. However, even if he undervalued the Dodgers without any intent to defraud his wife, the divorce settlement could still be set aside and revisited. While altering an existing divorce agreement is uncommon and not easily accomplished, there are circumstances in which the original terms were reached using financial data that was substantially incorrect. As this case makes

High net-worth divorce may spell image trouble for Tom Cruise

David M. Gabriel & Associates

Massachusetts readers may be aware that yet another movie star marriage has hit the rocks, though this one appears to have hit with a thud. While Cruise marked his 50th birthday on July 3, Holmes has apparently been occupied with putting the finishing touches on her divorce paperwork, which was filed on June 28. The meticulously chronicled union between Tom Cruise and Katie Holmes, cynically dubbed TomKat, has apparently come to an end. It was recently announced that Holmes has filed for divorce from Cruise, citing irreconcilable differences. In what surely will be a high net-worth divorce, the couple appears set to focus primarily on their 6-year-old daughter, Suri. The paperwork for the divorce was filed in New York. Some observers have speculated that her choice of jurisdiction may indicate that she intends to seek sole custody of their daughter. It is predicted by many that New York will lend Holmes a greater child custody advantage than by filing in California — another location where the couple owns residential property. In a high net-worth divorce between any high-powered couple, whether in Massachusetts or elsewhere, one important element for each party is their public image. Each will likely want to protect their personal brand at the same time that they are negotiating over issues important to them both, most probably child custody issues. Some believe that Cruise’s brand could take a hit because media reports about his personal life and religious views may run counter to the nice-guy/hero image typically portrayed

Will property division tarnish amicable celebrity divorce?

David M. Gabriel & Associates

Celebrity couple Courtney Cox and Davis Arquette has filed for divorce. The couple has been married since 1999, but separated two years ago. Despite at least one attempt to reconcile, the marriage seems destined to dissolve through the requisite court procedures. Massachusetts residents will remember the actress from her role on the hit show “Friends.” The attractive couple has long received a great deal of media attention, which will likely not abate as they work out issues of child custody and property division in divorce court. What makes this celebrity divorce unique is the lack of acrimony between the parties. Cox and Arquette have spoken kindly of one another throughout their separation, and have appeared together at multiple events. They have asserted that they are, and will remain “best friends.” The two filed their divorce papers on the same day, June 8, citing irreconcilable differences as the reason for the filing. They are also pursuing joint legal and physical custody of their 8-year-old daughter, and are committed to raising her together. At the present time, neither party has retained an attorney; they are planning to represent themselves during the court proceedings. Massachusetts fans of the couple will no doubt watch this divorce as it unfolds. Many are hoping that the courtesy and grace with which the two have handled their split will continue. However, even what could be considered a simple divorce proceeding can become contentious. In a case involving spouses with high net worth it becomes even more difficult

Woman claims soon-to-be-ex spent $850,000 to earn mistress commission

David M. Gabriel & Associates

Boston shoppers who patronize the fancy department store Neiman Marcus (even if it’s just to look, rather than to buy) know that the luxury goods retailer is famous for its generous return policy. But that return policy is not good enough for one woman, who is angry that Neiman Marcus won’t let her return about $1.4 million in gifts from her soon-to-be-ex-husband. The woman, who is in the process of getting a divorce, believes that her husband purchased the items for her from a store employee with whom he was having an affair. She feels that he purchased the items not to make her happy, but to earn the employee a generous commission. This woman has sued Neiman Marcus over the issue and although her lawsuit is against the store and not against her husband, it is worth considering from a family law and divorce perspective, too. The woman claims that her husband went from spending about $100,000 per year at Neiman Marcus before he began having the affair to spending around $850,000 after the affair began. She says she did not know about the spending. In other words, what we have here is an issue in which one spouse’s dramatic spending was kept secret from the other and, obviously, that kind of spending can seriously deteriorate one’s financial condition, especially when you must go through the process of dividing up martial assets (like cash-on-hand) into separate assets. We do not know if this lawsuit will be successful, but it

Drawn-out, contentious high net-worth divorce finally settled

David M. Gabriel & Associates

A high net-worth divorce case can be one of the most complicated cases for Massachusetts couples. In some cases, there are things which a partner is willing to part with easily. However, when the assets to be divided are substantial, as is the case for one couple, a high net-worth divorce case can quickly become more complicated and can take more time to determine the particulars. The couple was married for 15 years before deciding to split. After filing a divorce petition in October 2007, they began to confront the division of their assets they accrued over their marriage. In total, they had an estimated $71 million in assets. At first, it seemed as if separation, though not an easy task, would be relatively straight-forward. However, as the couple continued negotiating, they encountered certain problems. For instance, several allegations surfaced that the wife allegedly had an affair and purportedly was involved in illegal investigations. However, these and other issues were apparently resolved in a settlement, and it is said that the divorce will finally move forward. By April 2012, they had successfully split $46 million, or 70 percent of their assets and are currently discussing lingering money disputes. High net-worth divorce cases can be emotionally draining and understandably expensive for any couple, whether in Massachusetts or elsewhere. For those involved, an attempt to openly communicate with one another may pay dividends by reaching a reasonable settlement of all outstanding issues. In this way, even though the decision may be difficult

Finding fault in divorce — go “where no one has gone before”

David M. Gabriel & Associates

There is a reason why Americans choose to make the concept of a no-fault divorce part of their culture. While some might argue that no-fault divorces make it too easy to dissolve a marriage, it eliminates the process of assigning blame to one party which often results in long drawn-out proceedings with only bitter feelings tied in. For Salem residents, a high net-worth divorce can lead to a complex division of property. While the state of Massachusetts is no fault divorce state, it is also an equitable distribution state; meaning that a judge will decide what a fair distribution of property is — not necessarily a 50/50 split. Interestingly, the people of Great Britain are starting to see the benefits of no-fault divorces, as well. The Brits voted down the idea of a no-fault divorce back in 1996, but, over a decade later, many British residents are starting to rethink their stance on the issue. This likely is because of the petty arguments that have arisen during divorce proceedings, all in an effort to assign blame. Across the pond, in an effort to illustrate the extremes couples go to in order to put an end to their marriage, one woman complained that her husband requested that she dress up like a Klingon — a character depicted in the television show “Star Trek”. He also requested that she speak to him in the Klingon language. Yet another man argued that his wife purposely served him tuna casserole on a frequent basis

High-Asset Divorce

Harold Hamm faces complex property division in divorce

Terrence Howard high net-worth divorce comes to an end

Former Dodgers owner back in court in high net-worth divorce

High net-worth divorce may spell image trouble for Tom Cruise

Will property division tarnish amicable celebrity divorce?

Woman claims soon-to-be-ex spent $850,000 to earn mistress commission

Drawn-out, contentious high net-worth divorce finally settled

Finding fault in divorce — go “where no one has gone before”

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High-Asset Divorce

Categories

TAGS

TAGS

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