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The Law Offices of James A. Cuddy, LLC

Call To Find Your Way Forward 203-583-8256

Call To Find Your Way Forward 203-583-8256

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Judge defines premarital assets in billionaire’s divorce case

Connecticut spouses amidst divorce proceedings may be concerned with the definition of premarital property. An Oklahoma District Court judge recently issued a statement on Feb. 13 that defined premarital assets during the divorce case of a billionaire. Oil tycoon Harold Hamm owns the controlling interest in Continental Resources, and he is involved in a divorce case with his wife. Investors have been waiting to hear how the court will divide the man’s stock shares of Continental Resources.

The judge ruled that the man’s more than 122 million shares of stock in Continental Resources is to be considered a premarital asset. Because of this, the court has decided that the stock will be retained by Harold Hamm as separate property, and it will not be included in the divorce case. The stock equates to approximately 70 percent of the company’s equity.

Continental Resources is a major oil company, and its stock price has risen more than 400 percent over the last five years. The company is expected to produce more than 24 billion barrels of oil in the next few decades due to increased production expectations. Investors awaiting a ruling on the divorce case may have been uneasy as the ruling would have affected controlling interest in the company. The divorce case will enter the trial phase in July, and it is expected to be concluded by the end of the year.

The division of assets in a divorce case can have a considerable impact on those involved. In some cases, such as this one, the division of assets may also affect other individuals as well as companies. A Connecticut divorce lawyer may be able to help those who are preparing to file for a divorce or who would like to obtain more information about the status of their assets before filing for a divorce.

Source: Forbes, “Judge: Billionaire Hamm To Retain Control Of Continental Resources In Divorce Settlement“, Christopher Helman, March 04, 2014