Larkin, Ingrassia & Tepermayster, LLP
Need Help? Call Today
845-234-4852

Harold Hamm divorce offers teachable moments for others

While extremely high-asset divorce cases seem to be on a level of their own, they do offer valuable lessons to anyone considering a divorce, whether they live in New York or elsewhere. A recent divorce making national financial and social media headlines involves the wealthy oilman Harold Hamm. While this divorce case has yet to fully play out in court, two key factors regarding the division of assets are being highlighted.

The Harold and Susan Hamm divorce is taking place in another state that has equitable distribution laws similar to those used in New York divorce cases. Equitable distribution means that any marital property is subject to a fair and equitable division as determined by the court, unless otherwise agreed upon. What this doesn't take into account is the active and passive appreciation of property value. Active appreciation deals with property values that increase based on the efforts of a spouse, such as the business growth seen under Harold Hamm's leadership; where passive appreciation occurs with no effort, such as land value. Documentation is key in proving how and why the value of property changed during the course of a marriage, which will in turn affect the amount each spouse is entitled to receive in divorce.

Along with keeping track of active and passive property values, establishing a formal date of separation is also important. This date is significant as property value increases that occur after separation are not necessarily subject to distribution laws. Unfortunately, in some cases the date of separation can be difficult to determine.

While not all divorce cases deal with assets like those in the Hamm versus Hamm divorce, the lessons taught about the importance of property values and the date of separation can be applicable to all. Couples in New York who are considering divorce may benefit from considering how these two things will affect their final settlement. Regardless of financial circumstances at the time of divorce, achieving a fair and equitable division of assets is possible.

Source: Forbes, "A Multi-Billion Dollar Divorce: What All Divorcing Women Can Learn From Sue Ann Hamm", Jeff Landers, Sept. 22, 2014

No Comments

Leave a comment
Comment Information

We Can Help Fill out this form to contact our team of experienced attorneys

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us Today

Offices located in Newburgh and Middletown | Se Habla Español | Connect With Us:

Newburgh Office
356 Meadow Avenue
Newburgh, NY 12550

Toll Free: 877-278-5062
Phone: 845-234-4852
Fax: 845-566-5148
Newburgh Law Office Map

Middletown Office
626 East Main Street
Middletown, NY 10940

Toll Free: 877-278-5062
Phone: 845-234-4852
Fax: 845-344-4996
Middletown Law Office Map