Multi-billion-dollar divorce pushes property-division boundaries
High-asset divorces take place every day across the state of Utah and the entire country. And while they involve many of the same components as most other divorces, high-asset divorces are defined in a large part by the often complex division of property.
The founder and CEO of the Continental Resources Oil Company is in the midst of divorce from his wife of 26 years. Details surrounding the couple’s divorce proceedings were not made public over concerns of information regarding the company being leaked. However, on source did claim that the trial would last two months.
According to Forbes, the husband is one of the wealthiest people in the world. As a result, his divorce is also anticipated to be one of if not the most expensive divorces ever. The oil tycoon is estimated to be worth more than $20 billion, and some are suggesting that his soon-to-be ex-wife may be entitled to as much as $8 billion. Determining the exact amount that the wife will receive might be complicated by several factors, though.
The couple apparently does not have a prenuptial agreement, and the sheer value of their estate makes the prospect of settling outside of court unlikely. Beyond that, it will be necessary to determine the role that the wife played in the marriage as well as in the oil company. Even though the husband had claim to a substantial portion of the company prior to getting married, the wife was also an executive at some point. Another property division issue that is looming is the date officially recognized as the point at which the couple’s assets can be considered separate. Meeting with an attorney to discuss property division concerns can help people effectively prepare for their high-asset divorce.