Earlier this year, we discussed some of the property division issues that the Los Angeles Dodgers owner and his now ex-wife were fighting over. The biggest source of contention was who owned the baseball team. Frank McCourt contended that the Dodgers were his sole property base on a postnuptial agreement and should be considered as such during the divorce proceedings.
A judge disagreed saying that the postnuptial agreement that give him sole ownership was not valid or enforceable. And though no determination has been made as to whether the team is solely owned by Frank or whether it is community property, the two have reached a settlement on what happens after the judge's decision is made.
Depending on the dispute's outcome, McCourt and his ex-wife decided:
- If he loses - the team will be sold and profit split evenly
- If he wins - his ex-wife will receive $100 million and most of the couple's properties
The couple has been trying to sort this out for more than two years. Accusations of mismanaging the franchise were brought against Frank claiming that if he were allowed to continue the team would suffer.
Though most couples do not find themselves arguing over who owns a nationally franchised professional baseball team, property division can become an emotionally charged part of the divorce proceedings. Couples may find it difficult to split property that they acquired while they were still married.
Property division is only one part of the divorce proceedings. Other issues can arise over child custody, child support, and even spousal support. With both sides seeking the best outcome, it can be difficult to reach an agreement. In many instances, it can help to seek the advice of someone who understands divorce proceedings and can help the couple reach a workable solution.
Source: Bloomberg Businessweek online, "Los Angeles Dodgers Owner, Ex-Wife Settle Divorce Dispute," Edward Pettersson, 17 June 2011