When a married couple of considerable wealth decides to call it quits, the divorce process is often complex and drawn-out. In many cases, high asset divorces are fueled by conflict over finances and disputes related to who gets what and how much of it.
As part of the divorce process, each spouse is asked to provide detailed information related to their financial wealth and assets. Based upon this information, divorce lawyers negotiate terms of a divorce settlement and a judge typically awards each spouse a settlement amount based upon state laws that govern divorce matters and the division of assets and wealth.
The former owner of the Los Angeles Dodgers will soon be back in court related to claims by his ex-wife that he knowingly hid assets during the couple's divorce proceedings. Frank and Jamie McCourt were married in 1979 and have four children together. Frank McCourt purchased the Dodgers during 2004. When the couple divorced during 2012, Frank McCourt allegedly purported that his assets, including his stake in the Dodgers, were worth a total of $300 million.
Based on the total estimation of wealth at $300 million, Jamie McCourt agreed to a divorce settlement of $131 million. A mere two months after the couple's divorce was finalized, however, Frank McCourt sold the baseball team for an estimated $2.1 billion. Jamie McCourt recently filed a lawsuit against her former husband and is seeking restitution in the amount of $770 million.
The case is scheduled to go to trial soon. At issue in the trial will be evidence, including documents that apparently provide valuation information related to the Dodgers. This case is interesting in that it proves that a divorce settlement isn't necessary final. Spouses who attempt to hide assets or fail to provide accurate financial information may face legal action and end up paying more in the end.
Source: CBS Los Angeles, "Frank, Jamie McCourt Headed Back To Court Over Bigger Divorce Settlement," April 17, 2013