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Harold Hamm's Billion Dollar Divorce Less Than Analysts Expected

By    |   Tuesday, 11 Nov 2014 01:30 PM

Harold Hamm's billion dollar divorce announced this week isn't likely to imperil the oil man's business empire, but it will make his ex-wife one of the wealthiest women in the U.S.

According to Bloomberg, Hamm, 68, the majority owner and CEO of Continental Resources, was ordered by an Oklahoma City judge to pay Sue Ann Hamm $972 million over the course of a few years. $320 million must be paid by the end of the year, and the rest will be made in monthly installments of $7 million.

Forbes ranks Hamm as the 24th richest man in the country, with a net worth of $18 billion. As The New York Times put it, "he owns the largest piece of the greatest oil discovery of our age, in the shale-rich plains of North Dakota."

The couple wed in 1988, when Hamm was just a multimillionaire and Sue Ann was working as a lawyer at Continental. They did not forge a prenuptial agreement before they wed, making Sue Ann eligible for a large claim on the couple's wealth.

During the divorce proceedings, financial analysts worried the settlement could endanger the company, and even set a new record for the largest divorce settlement in recorded history. Luckily for Hamm, neither scenario came to pass, and the record remained in the hands of Russian couple Dmitry Rybolovlev and his ex-wife, Elena, who struck a $4.8 billion settlement earlier this year.

Hamm is the youngest of 13 children born to sharecropper parents, and lived a migrant life as a child. He invested his own savings in a small oil drilling business in 1967, and hit black gold on his second try.

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Harold Hamm's billion dollar divorce announced this week isn't likely to imperil the oil man's business empire, but it will make his ex-wife one of the wealthiest women in the U.S.
harold hamm, billion, dollar, divorce
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2014-30-11
Tuesday, 11 Nov 2014 01:30 PM
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