Posted on 11/15/2014 10:24:30 AM PST by SeekAndFind
There is a long list of women* who have amassed personal fortunes by divorcing rich husbands — and as far as I can tell, they deserved every penny. This week Sue Ann Hamm joined it when a court ordered her ex-husband, Harold Hamm, the Oklahoma oil man, to pay her some $1 billion in cash and assets, or about $38 million per year of a 26-year marriage.
Ms. Hamm plans to appeal on the grounds that the award grossly undervalues her share of the wealth accumulated during the marriage, Reuters reported on Thursday. If Ms. Hamm gets anywhere near half of Mr. Hamm’s stake in his oil company, currently valued around $13.5 billion, she will catapult to No. 1 on the rich divorcee list, far outdistancing Elena Rybolovleva, who received $4.8 billion this year from her ex-husband, Dmitri Rybolovlev, the Russian “fertilizer king.”
Meanwhile, back in the real world, divorce is still financially devastating. Overall, a man’s income drops 23 percent after divorce, while a woman’s income drops 41 percent.
Divorce is also increasingly common among couples, like the Hamms, who are age 50 and older. (Ms. Hamm is in her late 50s and Mr. Hamm is 68.) From 1990 to 2010, the divorce rate doubled for people 50+, while the rate for the general population was flat, according to a report this month in the AARP Bulletin by Jane Bryant Quinn. In all, one fourth of all divorces in 2010 were for people age 50 and up.
(Excerpt) Read more at takingnote.blogs.nytimes.com ...
No $#*+ Sherlock. I bought the house before we were married, as a single person. She got the house.
Seems to me if you’ve made it that long, you could try and patch it together.
RE: Seems to me if you’ve made it that long, you could try and patch it together.
I guess that’s why our laws make it financially destructive to divorce... to discourage it perhaps.
It’s only devastating if you’re the man. If there are children involved, you REALLY get it up the ass sideways, with a rusty chainsaw.
I’ve never had to go through it, but I’ve known of MANY others that have, and it’s totally unfair in most cases.
The odds of a successful marriage (i.e., no divorce) go from about 50/50 when married to an American to about 90/10 when married to someone from a culture where divorce is NOT looked at as a means of enrichment.
I chose the second.
Well, if this is to be fixed, step number one has to be getting rid of no fault divorce.
A whole lot of this nonsense didn’t happen when the party that wanted to play the field or who just took off leaving the debts and the kids was guaranteed to bear the brunt of the losses. Domestic violence, infidelity, gambling the family into poverty...there was no “sharing” the loss when your long suffering spouse had enough (assuming a judge followed the law which is a separate issue) you just got what your behavior earned.
There is no way to try to fix things that will not instead just make it worse if that is not a prerequisite.
That first sentence frosts my hide.
“Two-thirds of breadwinning mothers are single mothers—with a median household income of $23,000 a year.”
“It’s time to cheer marriage—the number one weapon against child poverty.”
http://dailysignal.com/2013/07/31/the-truth-about-breadwinner-moms/
I thought it only assets acquired after marriage and what you had before were not ....
There is something valid about positive contribution to earnings and net worth made by a stay at home spouse. I’ve known a number of people who alone never would have amounted to much but between their own limited capabilities and the limited capabilities of their spouse, they were able to do quite well for themselves.
The disconnect is so strange.
Most of the divorced men I know insist they were cleaned out by a venomous ex wife.
Most of the divorced women I know insist their ex husbands are screw ups with almost nothing to divide upon divorce.
I think everyone is full of it.
Yeah, so did I, at one time.
Robin Williams...
I have, and your description is dead-on the money.
She cheated, I paid.
No one comes out looking good out of a divorce. Its a tribute to human selfishness, venality and greed - and the belief the grass looks greener on the other side.
If you’re divorcing for a change of lifestyle, maybe you shouldn’t have gotten married in the first place.
Enticements to break and rob common, working families keeps the potential competition from rising. That’s what it’s really about, and nearly all big political lobbies involved with both political parties have been involved. But go on ahead. Finish the default process. Have fun. Enjoy the slide.
Seems to me if you’ve made it that long, you could try and patch it together.
If someone wants to leave you, you can’t stop them. Imagine being married for 19 years, and being served papers 10 days before Christmas !
She got the mine, and I got the shaft.
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