Ex-Wife of Ex-LA Dodgers Owner Asks Court to Reopen 2010 Divorce Settlement

 Posted on October 08,2012 in Divorce

According to a recent article in The Washington Post, former LA Dodgers owner Frank McCourt is facing a motion by his ex-wife, Jamie McCourt, seeking to reopen their October, 2010 divorce settlement, in which she received $131 million. Jamie McCourt, through her attorneys, filed her motion to set aside the divorce settlement in the Los Angeles Superior Court on September 24, 2012.

In her motion, Jamie McCourt is claiming that Frank McCourt substantially misrepresented the value of the LA Dodgers, which he sold earlier this year for $2 billion to a group of investors including former Los Angeles Lakers star Magic Johnson. The sale price represented the highest amount ever paid for a professional sports franchise, which is particularly interesting in light of the fact that the Dodgers initiated bankruptcy proceedings in June, 2011. In those proceedings, attorneys for Major League Baseball claimed that McCourt had funded his lavish lifestyle at the expense of the Dodgers, with over $180 million in revenue taken from the club.

When the sale price is taken into account, Jamie McCourt alleges, less the marital debts, that Frank McCourt’s assets ultimately were worth $1.7 billion, which is over 10 times the amount that Jamie McCourt received in the divorce settlement. Whether the valuation discrepancies were the result of mistake or fraud, Jamie McCourt contends, the divorce settlement should be set aside in all fairness. A hearing on the motion has been scheduled for November 16, 2012.

This situation raises interesting issues in the world of divorce law. How long does an ex-spouse have to overturn a divorce settlement? At this point, almost two years have elapsed since the McCourts settled their divorce. Did Frank McCourt deliberately misrepresent the value of the Dodgers at the time of the divorce, or did the franchise appreciate significantly in the two years following the divorce? These are the questions that the Los Angeles Superior Court judge in this case will no doubt struggle with as he or she makes the decision as to whether to grant Jamie McCourt’s pending motion.

Although most divorces do not involve assets of this magnitude, or appear so prominently in the public eye, many divorces do require the division of complex marital assets that must be valued truthfully and appropriately. With the assistance of a skilled Will County attorney, you can ensure that all marital assets have the correct values placed upon them, and that you receive your fair share of the assets to which you are entitled.