Property division is a difficult divorce issue that requires meticulous planning and thorough attention. Many residents in Scranton, Pennsylvania, share the same thought when it comes to property division -- it is important to obtain a fair and just settlement. When a couple decides to part ways, each party will have to restructure their finances and getting less than what they are entitled to in divorce can lead to unstable financial footing after the divorce. Readers may learn from the case of a billionaire tycoon and his wife in terms of property division.
The divorce of business tycoon Harold Hamm and his wife, Sue Ann Hamm, is nearing completion. In a recent court ruling, a judge awarded Sue Ann with $995.4 million, a combination of assets and cash. Based on a report, Sue Ann Hamm is considering filing an appeal, since the couple's combined assets are worth $18 billion and she was allotted less than 10% of that amount. This disparity is credited to Harold Hamm's attorneys, who effectively argued that the growth in assets was primarily due to forces outside his control, such as changing market conditions. Therefore, the money was not earned by Hamm during the marriage.
Complex property division, such as in this case, may take time and intense negotiation before both parties come to an agreement. If a judge's property division ruling is not favorable to one party, that person may file an appeal and continue to seek a more satisfactory outcome. If both parties wish to achieve a mutually agreeable outcome in their divorce, they may use alternative platforms such as mediation or collaborative law.
Not all property division cases turn contentious. How the case proceeds depends on the willingness of each party to cooperate. Divorcing parties may also need legal guidance to ensure that their rights are protected throughout the process.
Source: The Washington Post, "When a $1 billion divorce award isn't enough," Michelle Singletary, Nov. 20, 2014