Alimony and appeal of oil tycoon’s divorce
Hamm, on the other hand, believes the appeal should be dismissed due to her acceptance of the spousal support payment. He believes that his ex-wife knew that cashing the check would have the affect of implicitly accepting the award, and would mean giving up her right to later appeal it. The couple’s divorce was finalized in November 2014, but has been the appeals process since. Hamm’s ex-wife was awarded under 10 percent of the couple’s marital assets. Hamm has also filed an appeal, claiming the fall in oil prices caused his net worth to fall and therefore his ex-wife’s award should be lowered.
It is yet to be seen as to whether Hamm’s ex-wife’s acceptance of an alimony award puts a stop to her appeal. But as this shows, alimony awards can be contentious, especially in a high-asset divorce.
Alimony can be paid a number of ways. In some instances, monthly payments are made in a rehabilitative fashion, meaning they are not permanent. Instead, they will last only as long as it takes for the receiving spouse to be able to become financially self-sufficient. The receiving spouse may need time to earn a degree or receive job training that will eventually allow them to support themselves. Less commonly these days, alimony can be made permanent if it seems that the receiving spouse will never be able to fully support themselves financially. In addition, sometimes alimony is awarded as a single lump sum payment.
When a high-asset couple divorces, they are both accustomed to a certain lifestyle that may be difficult to maintain once they are single and living on only one income. That is why the issue of alimony can be a sticking point.