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November 2014 Archives

Oil Baron ordered to pay almost $1 billion in divorce

Colorado readers of this blog may recall previous posts which have commented on the high asset divorce of oil billionaire Harold Hamm and his wife. Earlier this month, and after a three-month trial, an Oklahoma judge issued a long-awaited order in the hard-fought divorce case. Under the judge's ruling, Hamm must pay his ex-wife a total of $995.5 million. About one-third of that total must be paid by the end of this year. The remainder is to be paid in monthly installments of about $7 million each. The court had previously awarded Hamm's wife about $25 million since the case was filed.

Tax consequences of alimony payments

Alimony, referred to as maintenance in Colorado, is often ordered when spouses divorce after a long marriage in which one spouse had significantly greater income than the other. Alimony can help the lower-earning spouse get back on their feet financially and acquire the education or skills needed to get a better job or re-enter the workforce.

Fighting for your rights in a high-asset divorce

A high asset divorce can be particularly challenging, especially for a spouse who does not have as much income as their partner. For a spouse in this situation, divorce can bring the fear of a significant drop from the lifestyle they enjoyed during the marriage.