On behalf of The Marks Law Firm, L.L.C posted in Divorce on Friday, December 3, 2010
The McCourt divorce saga is finally drawing to an end, but like most dramas, there needs to be just one more anticipated moment. The couple had decided to “call it quits” back in October of 2009 when they initiated divorce proceedings. The high asset divorce was immediately publicized from the moment it began, because the results of the property division would have an effect on millions of people nationwide.
Frank McCourt purchased the Los Angeles Dodgers back in 2004 for $355 million and the couple immediately entered into a postnuptial agreement that set out the terms for ownership of the Major League Baseball team. When it came time for divorce, there was only one problem; each partner provided a different version of the agreement with completely contrasting terms.
Frank’s version gave him 100 percent ownership by excluding the asset as marital property. Mrs. McCourt claimed that she would never have agreed to an agreement with those terms and requested that the asset be divided equally under the community property law of the state. The family court judge finalized their divorce, but gave them 11 more days to come to an amicable agreement on what the future of the team would be. Predictably, the couple failed to agree and allowed the deadline to pass, leaving the family court judge with his own January 18 deadline for making a decision.
The former Mrs. McCourt has been receiving just over $200,000 per month in alimony on top of the $400,000 per month Frank McCourt disburses for mortgage payments. Frankie McCourt says that she plans to purchase the team after the judge, she hopes, determines that the Los Angeles dodgers is a marital asset and divides ownership at 50 percent each.
Source: The Sydney Morning Herald “Saga of a broken home run: how bitter divorce casts shadow over Dodgers” Glenda Kwek 12/2/10