Bishop & Reidy, P.C.
Experienced Legal Counsel Call us today: 888-812-2610 | 617-934-5039 or request an appointment onlinearrow

Oil man's divorce could lead to billions in alimony

Sadly, "till death do we part" is not often the reason that couples separate in the modern era of marriage. It is common knowledge that the divorce rate is high and that couples splitting need to go through the complex (and sometimes ugly) process of asset division. While some people decide on who should get the house or the furniture, the discussion changed when an oil tycoon worth billions is involved.

A billionaire who made his money in the oil game is separating from his wife of 24 years. With a fortune of over $11 billion, the resulting settlement could rank as the largest ever. There has been no disclosure as to whether or not the couple signed a prenuptial agreement, which could alter the outcome.

Some speculate that the settlement could leave the wife with half of her husband's business assets , including shares in the oil company that he founded in 1968. The total settlement could be in the billions. Previous large settlements of note have reached hundreds of millions, but none have yet reached the billions territory.

While not every couple needs to decide who should get the yacht, division of marital property can be difficult. The Massachusetts law follows the principle of equitable distribution, meaning that the judge decides what constitutes a fair split. Factors that a judge may consider include a significant gap between the wages of each party, the health and physical condition of each and the size of the estate. Experienced divorce attorney can assist divorcees in presenting a fair case to the deciding judge.

No final determination has been made on the oil tycoon's estate, but no doubt the settlement number will carry many zeros behind it.

Source: The Blaze, "Oil tycoon's divorce settlement could be most expensive of all time-guess how much," Liz Klimas, March 25, 2013

No Comments

Leave a comment
Comment Information