Given that the accurate classification and valuation of marital assets can play a major role in the property division process, the existence of a prenuptial agreement can have a significant impact on Texas divorce proceedings. One recent divorce settlement exemplifies the complexities that can arise over such factors, and illustrates how the outcome of a divorce can depend largely on difficult property division considerations.
The two-year divorce dispute between the CEO of Continental Resources Inc. and his wife of 26 years has come to an end after 10 weeks of trial, and has resulted in a divorce settlement in the amount of $972 million being awarded to the ex-wife. A state judge recently ruled that in addition to being entitled to several of the couple’s homes and livestock, the ex-wife will receive an initial payment of around 30 percent of the entire award by the end of 2014. After that, the ex-husband will be obligated to make monthly payments in the amount of $7 million each.
Some financial and legal experts are questioning the outcome of the case, since the ex-wife could have potentially been awarded up to 30 percent of the CEO’s over $16-billion fortune. Her legal team is reportedly considering their option to appeal the court ruling, while the ex-husband’s team was apparently satisfied with the outcome of the case.
Many people involved in high-asset divorce disputes have serious concerns about their investments and financial security. An experienced attorney can help people confronted by the prospect of divorce address property division and other related issues.
Source: Bloomberg, “Divorce Award Nears $1 Billion; Shale Pioneer Asks for Family Photos, Shotguns,” Laurel Brubaker Calkins, Joe Caroll, Zain Shauk, Nov. 10, 2014