Harold Hamm, the billionaire owner of the company Continental Resources Inc has announced that he and his second wife will be seeking a divorce. The divorce could involve significant assets and wealth since the CEO’s share of the business is valued at approximately $10.88 billion as of the time of publication.
Hamm is 67 years old and was featured on the most recent Forbes list of the world’s wealthiest individual. That publication valued Hamm at approximately $11.3 billion. He also chaired an energy advisory committee for presidential candidate Mitt Romney. Hamm’s representatives have stated that the divorce is not expected to have any impact on the company. His wife has received an interim distribution for approximately $12 million. This is the couple’s third attempt at divorce; Hamm filed for divorce in 1998, and his wife filed for divorce in 2005. Both of those cases were later withdrawn. The couple have two adult children, and he has children from a previous marriage that also ended in divorce.
Some of the records regarding the divorce proceedings are sealed, and the court has invoked a confidentiality order regarding the divorce. However, not all of the records have sealed. For example, Hamm’s wife’s attorneys are requesting Continental Resources and other private companies that he has a partial ownership stake in to provide her with documents.
When a spouse has a large ownership stake in a successful business, he or she may want to protect this interest, especially if it existed prior to his or her current marriage. Because the stakes are so significant in high asset divorces, many individuals consult with a California family law attorney to help protect their assets and legal interests during the divorce process.
Source: News OK, “Continental Resources’ Harold Hamm confirms divorce proceedings,” Adam Wilmoth, March 22, 2013