For most individuals the expense of a divorce deters them from filing. Although many Texas couples stay in a marriage because of the fear of this financial uncertainty, many more are choosing to press forward, even if their assets will be split in half. In a recent case, it was reported that a man may need to pay out approximately $3 billion in settlement proceeds when his divorce is finalized.
Prior to the divorce proceeding of Harold Hamm, the CEO of Continental Resources, Rupert Murdoch held the title of the biggest divorce payout. Murdoch was reported to have paid about $1.7 billion after he divorced in 1999. However, Hamm’s divorce is expected to nearly double that mark due to several factors surrounding the accumulation of his assets.
In Hamm’s case, it is reported that there is no prenuptial agreement in place. It was also reported that a majority of Hamm’s wealth was gathered during the course of the marriage. This results in many of the assets being considered marital assets, which many require a judge to split these assets evenly between the parties.
Although Hamm’s case is an extreme, no Texas couple should stay together only because of the potential hit their finances may take. If a cooperative approach is taken where both parties work together to come to an equitable resolution, the sting of the cost of a divorce may be diminished. This could all add up to a divorce being finalized in as efficient manner as possible, which will turn those initial financial concerns into a distant memory.
Source: Huffington Post, “Divorce Settlement: Will Harold Hamm’s Divorce Be The Most Expensive Ever?” June 20, 2013
