Berman & Asbel, LLP

High net worth divorce could concern Pennsylvania residents

Going through divorce can be difficult for Pennsylvania residents, especially if those residents have a high net worth. Individuals may feel reluctant to part with considerable sums of money during the separation, and as a result, they may wish to find out more about property division for high net worth divorce. This information could help them better understand how they and their finances could be impacted by divorce.

Harold Hamm, founder of Continental Resources, is currently looking into how his considerable wealth will be impacted by the ending of his marriage. At this time, Hamm’s net worth is considered to be approximately $17 billion. It was reported that Hamm and his wife did not have a prenuptial agreement in place, and his wife is currently hoping to gain her share of the assets.

Because of the significant amount of money involved in the situation, the process could become more complicated. The current issue deals with whether the wealth is considered marital property. If it is, Hamm’s wife could potentially be entitled to half of the wealth currently attributed to the company founder. At this time, Hamm reportedly maintains that he should have full control of the wealth.

Because Pennsylvania is an equitable distribution state, individuals going through a high net worth divorce may have many of the same concerns as this case shows. Therefore, they may wish to determine how their assets may be viewed in terms of property division. Marital property has the potential to be distributed evenly among the parties involved, which may lead parties to look for information on how their ownership of certain property could be affected.

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

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