Property division dispute could have compromised company
While there are many aspects of the divorce process that can be fairly complex in the state of Utah and beyond, determining which party should maintain rights to certain assets after divorce is often difficult and emotional for each side. Property division involves identifying which, if any assets were obtained jointly during the course of the marriage and whether or not any property should be subject to division. The future of one major oil company was placed in question after it came to light that the majority shareholder might lose a portion of his stake in his divorce.
Harold Hamm is reportedly worth more than $14 billion and owns the majority stake in the oil company he founded years ago. Hamm and his estranged wife have also reportedly been at various stages of the divorce process for years, and the case is not expected to go to trial until this summer. And while it may still be some time before the divorce is finalized, one key component of the case is settled.
An Oklahoma judge recently determined that a substantial number of shares in the oil company would not be divided in the divorce because they were purchased by Hamm before he got married. Because it was not known if the 122 million shares would be split, other company investors were concerned over Hamm’s majority stake and what the potential loss would mean to the future of the organization.
Now that Hamm will reportedly maintain primary ownership of the oil company, he expects that it will continue to grow and thrive as it has been in recent years. It’s estimated that Hamm owns more than 126 million shares of the corporation. It is not stated if any shares were subject to division.