Frank and Jamie McCourt go back to court over divorce settlement
Posted by Thomas Pettinicchi of D'Amico & Pettinicchi, LLC on Apr 18, 2013 in High Asset Divorce
No matter how much money or assets that a couple has, it can always be difficult to separate these things during a divorce. However, the stakes of can get even higher when a couple has to split up a large amount of money or complex estates. Hurt feelings, jealousy and other emotions can frequently come into play which can make matters even worse, especially when one spouse feels as though they have been cheated out of a large sum of money.
Folks in Connecticut may have heard about the divorce between Frank and Jamie McCourt last year. The split made headlines because the couple was quite wealthy and owned the Dodgers, a professional baseball team. After they broke up, Jamie settled for $131 million and Frank held on to the Dodgers for a couple more months before selling the team. However, the sale of the team prompted Jamie to challenge the settlement and the two are now going back to court.
According to reports, Jamie is arguing that Frank purposefully misled her in terms of how much the baseball franchise was worth. She says that initially, Frank valued the team and his other assets at about $300 million, which made settling for $131 million seem appropriate. However, Frank ended up selling the team just months later for a whopping $2.1 billion.
Jamie claims that she was purposefully misled by her ex-husband and she is now requesting that their initial settlement be dismissed and a new one should be drawn up, based on significant change in Frank's finances. According to Jamie, she believes she is owed closer to $900 million in the divorce.
Intentionally hiding or undervaluing assets can end up to be a very costly mistake in a divorce. Spouses must make sure that they are upfront and honest during the asset division process, even though it can be difficult. With the help of an attorney, a person can have a fair settlement negotiated based on property and business valuation, examinations of investments and appraisals.
Source: CBS Los Angeles, "Frank, Jamie McCourt Headed Back To Court Over Bigger Divorce Settlement," April 17, 2013
- Our Connecticut law firm works with people who are getting divorced and have complex and sophisticated estates to divide. For more information, please visit our page on high-asset divorce.