Even as a divorce lawyer it is shocking to hear that when Sue Ann Arnall recently received and cashed a $975 million dollar check from her soon to be ex-husband, oil magnate Harold Hamm, that she now claims the check was not enough to adequately compensate her for the couple’s estimated $18 billion dollar holdings, which were amassed during their marriage of more than 20 years. Her exact words were that this check was merely a “small portion.”
Although few people will ever be lucky enough to have such a problem, Arizona law would agree with her position. As a community property state, Arizona divides community property equitably. In cases where there are assets which may be difficult to value, such as businesses, the valuation process is very important. Often such a case will involve expert witnesses to give the Court guidance on the valuation. Business appraisals in particular are expensive and time consuming. Arizona uses different methods of valuation depending on the type of business and other factors, so it is vital to have an attorney and expert who understand this area of law.
Receiving a large distribution of community property can have major impacts in the areas of child support and spousal maintenance as well. Although typically these are controlled by the income of each party, where there is a large distribution the courts will consider capital as an income source. If you or a loved one is in need of legal advice, we have experienced divorce lawyers her to help you. Please call us at (480) 833-1113 and one of the family law attorneys at Rowley Chapman & Barney will be happy to discuss your personal situation with you.