{"id":56,"date":"2014-12-01T23:00:49","date_gmt":"2014-12-02T05:00:49","guid":{"rendered":"http:\/\/texasdivorceattorneyblog.lawblogger.net\/?p=55"},"modified":"2021-09-30T13:39:03","modified_gmt":"2021-09-30T18:39:03","slug":"texas-court-might-handled-hamm-divorce","status":"publish","type":"post","link":"https:\/\/www.mcclure-lawgroup.com\/blog\/texas-court-might-handled-hamm-divorce\/","title":{"rendered":"How a Texas Court Might Have Handled the Hamm Divorce"},"content":{"rendered":"

This past November, an Oklahoma County Judge ordered billionaire oilman Harold Hamm<\/a> to pay approximately $1 billion to Sue Ann Hamm, his wife of 26 years.\u00a0 Harold Hamm, who is the founder and CEO of Continental Resources, was specifically ordered to pay Sue Ann Hamm a total of $995.5 million, comprised of a lump sum payment of $320 million to be paid by the end of 2014, and the remainder to be paid via installments of at least $7 million per month.<\/p>\n

If the Hamm divorce occurred in Texas, then the result might have been different.\u00a0 For one, Texas is a community property state; whereas, Oklahoma is an equitable distribution state.\u00a0 In Texas, all property existing at the time of divorce is presumed to be community property.\u00a0 To rebut the \u201ccommunity-property presumption,\u201d a spouse must present clear and convincing evidence of the property\u2019s separate character.\u00a0 Income from community property during marriage is generally considered community property, and under Texas law, once the character of property is established, that character will not change because of appreciation in the property\u2019s value or because of mutations in the property\u2019s form (for example, being exchanged or sold for other property).\u00a0 Texas Family Code, Ch<\/a>apter 3.<\/a><\/p>\n

In Oklahoma, however, the money a spouse earns while married is considered \u201cmarital property\u201d (property that can be divided upon divorce) if it is made through skill.\u00a0 On the other hand, if the money is attributable to \u201cchanging economic conditions, or circumstances beyond the parties\u2019 control,\u201d<\/a> then that money is not considered marital property.\u00a0 If all of Mr. Hamm\u2019s fortune was acquired by means other than by gift, devise or descent during the marriage, then a Texas trial court could have found that the assets comprising Mr. Hamm\u2019s approximate $14 billion net worth were community property and made a ruling in conformity with such a finding (which likely would have resulted in a substantially greater sum than $1 billion being awarded to Sue Ann Hamm).<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This past November, an Oklahoma County Judge ordered billionaire oilman Harold Hamm to pay approximately $1 billion to Sue Ann Hamm, his wife of 26 years.\u00a0 Harold Hamm, who is the founder and CEO of Continental Resources, was specifically ordered to pay Sue Ann Hamm a total of $995.5 million, comprised of a lump sum […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[11],"class_list":["post-56","post","type-post","status-publish","format-standard","hentry","category-divorce","tag-division-of-property"],"yoast_head":"\nHow a Texas Court Might Have Handled the Hamm Divorce — Texas Divorce Attorney Blog — December 1, 2014<\/title>\n<meta name=\"description\" content=\"This past November, an Oklahoma County Judge ordered billionaire oilman Harold Hamm to pay approximately $1 billion to Sue Ann Hamm, his wife of 26 — December 1, 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