Former owners of the Dodgers re-opening property division case?
A high-stakes property division case that appeared to be settled years ago is once again making headlines in Maryland and abroad. The property division agreement in question features Jamie and Frank McCourt, former owners of the L.A. Dodgers whose divorce was finalized back in 2010. The two initially agreed to settle their marital property division in the amount of $131 million going to Jamie McCourt, in addition to several valuable homes going to her after the divorce. Now, however, Jamie McCourt is alleging that Frank McCourt was not entirely forthcoming about the true value of the famed baseball franchise.
Jamie McCourt wasn’t just married to the owner of the Dodgers. She actually served as a top executive for the team and has even been billed as its CEO in the past. In a new courtroom proceeding, Jamie McCourt alleges that her ex-husband acted fraudulently by not disclosing to her the true worth of the Dodgers team. He eventually sold the team — not for $300 million as he allegedly estimated during the divorce negotiations, but for more than $2 billion.
The fact that the team sold for over $2 billion means that Jamie McCourt may have lost as much as $770 million in the marriage settlement she made with Frank McCourt. She has stated that she had the understanding that the marital assets the couple shared were being split 50-50. She is now asking for the court to judge the previous deal invalid and order a new, more equitable division between the couple.
Maryland couples who share a high amount of assets between them may understand just how critical this property division case could be for the McCourts. Negotiating the division of marital assets can be a difficult task, but it is important that all such proceedings be conducted fairly and with full disclosure from both parties. Should a judge decide that this hasn’t been the case, a marital settlement may be invalidated and the negotiations could have to start anew. This is one reason that it is important for both spouses to have a clear understanding of all applicable law as they enter such proceedings.
Source: CBSSports.com, ” McCourt’s ex-wife wants Dodgers divorce settlement tossed,” April 24, 2013