Most of the time, a divorce judgment signifies the end of divorce proceedings. However, even though a divorce might be finalized, if one party is less than pleased with the court's decision and order, he or she may appeal. Those in Colorado who have been following the billionaire Harold Hamm's divorce might even already be aware that his ex-wife, Sue Ann Hamm, plans to appeal part of the final judgment.
Couples dealing with a high-asset divorce often have more than one property to divide. In this instance, Ms. Hamm was awarded three different homes, ranging in worth from $800,000 to $17.4 million. Conversely, Mr. Hamm was awarded two properties, worth $300,000 and $750,000, respectively. However, while Ms. Hamm appears to have no problem with the properties that she has been awarded. Rather, she disagrees that $995.4 million also awarded to her is fair.
As we last discussed on Aug. 30, 2014, ("Oil billionaire's divorce could be largest in history") Mr. Hamm has an exceptionally large net worth, totaling about $18 billion. Mrs. Hamm's distribution represents less than 6 percent of her ex-husband's worth, even though the couple was married for over 20 years. Additionally, rather than being awarded the total sum all at once, Mr. Hamm has been ordered to make an initial deposit of $322 million, and then continue making monthly payments until the nearly $1 billion is reached.
While some in Colorado may think that a roughly $1 billion judgment is more than enough, much of her husband's $18 billion wealth was amassed over the course of the couple's marriage. It may be understandable to see why she might feel that $1 billion from a high-asset divorce is not an appropriate property distribution. No matter the amount or the reason, if one party is unsatisfied by certain terms or aspects of a divorce settlement, it is possible to file for an appeal that, if successful, could result in a modification of the trial court's decision and order.
Source: presstelegram.com, "Energy giant CEO's ex-wife to appeal $1B divorce", Nov. 14, 2014