On behalf of Stange Law Firm, PC posted in High Asset Divorce on Thursday, February 5, 2015.
Whether you live in Missouri or elsewhere, divorce is a difficult time from an emotional standpoint let alone the financial complications that ensue when money is involved. This is particularly true in a high asset divorce. Any property interests, including real estate, as well as pensions and business assets should be taken into account when deciding what each party will receive in the outcome.
The owner of the Continental Resources oil company, who is believed to own more oil than any other American, is currently going through a complex asset division with his ex-wife. The woman, Sue Ann Arnall, is challenging a $1 billion settlement by claiming it is significantly lower than it should be.
The couple was married for more than 25 years during which time she says her ex-husband was very profitable through the company. The former husband holds a 68 percent stake in Continental which a judge said was separate his marital property.
The ex-wife holds a stake in the company, as well, and she also worked there. Part of her challenge to the settlement is that her own contributions to the vast fortune accumulated by the couple were undervalued.
An asset valuation of the couple’s estate performed by Arnall’s lawyers determined that it was worth $18 billion. Arnall was awarded only six percent of that figure. Although the oil magnate began the company years before his marriage, most of its growth occurred during the two and a half decades they were legally wed to each other.
If you are getting divorced and having a difficult time dividing assets with your former spouse, it could be helpful to speak to a lawyer. Knowing your rights and responsibilities may help ensure that you receive a fair settlement.
Source: Reuters, “Oil magnate’s ex-wife slams $1 billion divorce ruling in appeal,” Joshua Schneyer, Dec 5, 2014