Rowe Law Offices, P.C.
Call us for a free initial consultation
610-816-0935 Local
866-232-1913 Toll Free

Woman appealing $1 billion divorce settlement award

Pennsylvanians may be intrigued by a case out of Oklahoma in which the former wife of an oil tycoon is appealing her award of nearly $1 billion in her divorce. The woman, who filed for divorce from her husband in 2012, was awarded $995 million following a 2-month contested final divorce hearing. Despite the large amount, she is apparently dissatisfied.

The woman and her husband were married for 26 years. During the course of their marriage, the husband's stock in his oil company reportedly increased in value to $18 billion. The man's stock holdings account for 68 percent of the stock of the company he started in 1967. According to the woman's attorney, her award accounted for just 6 percent of the marital wealth, and she is claiming the division was thus not equitable.

Under the current order, the man must pay his ex-wife $323 million by the end of the year, followed by $7 million monthly payments to pay off the remaining balance. She was additionally awarded the couple's $4.7 million home as well as a California ranch valued at $15 million. The husband retained ownership of his company. The wife's appeal will either be heard by a State Court Appeals Panel or directly tried in front of the Oklahoma Supreme Court, both allowed under the state's law. The process reportedly could last multiple years.

Of course, most divorce settlements do not involve such a large amount of money or someone appealing an award of close to $1 billion. While most people will never be in the situation in which this couple are, those who go through a high-asset divorce will likely encounter many disputes and complexities associated with the property division portion of their case.

Source: CBS News, "Divorce, 1 percent style: a $1 billion settlement appeal", Aimee Picchi, November 14, 2014

No Comments

Leave a comment
Comment Information
Get in touch

How Can We Help You?

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

Wyomissing Office
1200 Broadcasting Road
Suite 101
Wyomissing, PA 19610

Toll Free: 866-232-1913
Phone: 717-345-3208
Phone: 610-478-7725
Wyomissing Office Location

Lancaster Office
8 N. Queen Street
Suite 1102
Lancaster, PA 17602

Toll Free: 866-232-1913
Phone: 570-362-6837
Phone: 717-207-8375
Lancaster Office Location

610-816-0935 Berks County 717-345-3208 Lancaster County 570-362-6837 Schuylkill County 866-232-1913 Toll Free
610-478-8365 Fax
BBB Accredited Business Facebook