Harold Hamm is an oil billionaire who is currently divorcing from Sue Anne Hamm. This exorbitantly rich man has about $5 billion which is susceptible to division during his divorce. In addition to splitting the money with his spouse, a significant amount of the finances will go to the IRS in the form of taxes. With no prenuptial agreement in place, the courts claim that Sue Ann Hamm may be entitled to the largest divorce settlement in history at $5 billion. Harold Hamm is an oil mogul from Oklahoma and is worth approximately $11.3 billion. He has made most of his money with the oil giant Continental Resources.
Sue Ann Hamm is eligible to receive half of his 68% stake in Continental Resources, which means that Mr. Hamm will be forced to relinquish control of the company that he founded. The IRS may not get an incredible amount of money if the couple is cautious to divorce and use all tax loopholes that are possible. Unfortunately, most tax issues in divorce occur farther down the road instead of at the initial division. Dividing property between spouses during marriage means that there is no tax to either party, While this may sound like a "tax-free" arrangement, Forbes cautions that there may be tax implications a bit later down the road.
How you divide property at present will probably influence the future taxes on that property. Oftentimes it is complicated to determine tax divisions on large fortunes that are mostly owned in stocks, such as the Hamms situation. It might help to reduce taxes if spouses could sell taxes to each other as a part of the divorce, but selling assets can end up triggering bigger gain or loss for one spouse. If you want to negotiate through tax implications you will probably do well to hire an attorney to assist you. With the right lawyer on your side, you can skirt taxes and avoid the serious costs of a divorce that could eventually jeopardize your fortune. Hire a San Fernando family attorney to tackle your case today!