Many readers from Maryland may recall the bitter divorce proceedings between Frank McCourt, the former owner of the Los Angeles Dodgers baseball team, and Jamie McCourt, his ex-wife. The two signed a divorce settlement agreement back in October of 2011. However, Jamie McCourt is now claiming that her ex-husband committed fraud by misrepresenting the value of his assets at the time of the settlement, leading to what she claims is an unfair asset division.
Jamie McCourt's main contention centers on the value of the Dodgers baseball team. She claims she was lead to believe that the team was valued at less than 300 million dollars, and it subsequently was sold for $2 billion.
Frank McCourt claims that his ex-wife was provided with full financial disclosure prior to reaching a settlement and that she voluntarily accepted the terms of the settlement agreement when she could have proceeded with further court litigation.
Now the judge will decide whether to uphold or toss out the settlement agreement previously reached between the parties. If the agreement is thrown out, litigation will commence again in order to address all of the issues encountered in high asset divorces, including asset division, spousal support, and property division.
High asset divorces can be very complex and difficult to understand. In many cases, it is essential to carefully analyze the current value of all assets and liabilities as well as their possible future worth prior to reaching an agreement on any division of assets. It may be necessary to retain an experienced financial consultant to assist in performing these evaluations. This case demonstrates that the estimated value of certain assets can vary greatly and can have a significant impact on the outcome of a case.
Source: USA Today, "Ex-wife: Short changed $770M in Dodger divorce" April 24, 2013