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Settlement reached in “costliest divorce in California history”

On Behalf of | Oct 24, 2011 | Property Division

When we last left off with the Frank and Jamie McCourt divorce drama featuring high-asset property division in the truest sense, we stated that, “There is no end to the dispute on the near horizon.” (Please see our September 2 blog post).

Funny how a month or so changes things.

The Los Angeles Times and other media sources state that the couple — who exemplified rancor in the courtroom and a strong willingness to engage in aggressive and protracted litigation — have finally resolved their differences and executed a divorce settlement agreement. A number of people who are familiar with the McCourts and the agreement say that Jamie has agreed to forgo all claims that she has any interest in the Los Angeles Dodgers baseball team in exchange for a $130 million payout from Frank.

We previously gave readers some flavor of the competing interests at stake, as well as the sheer complexity of the divorce proceedings. As we noted, and even though Jamie may now be out of the picture as a challenger to Frank’s ownership interests in the team, there seems unresolved business between McCourt and Major League Baseball. Indeed, a showdown seems imminent between Frank McCourt and baseball’s steely commissioner, Bud Selig, regarding the Dodgers’ ultimate fate.

That, though, is a matter for another day. As between the couple, all seems under control, if not rosy. Prior to their agreement, the McCourts expended nearly $21 million in legal bills and an additional $14 million arguing whether the Dodgers were Frank’s separate property or owned equally between the couple by virtue of California’s community property laws.

Not every divorce proceeding is so acrimonious and involves such a significant amount of property to divide, of course. Property division matters in many divorces, though, are complex and must be carefully attended to. If you have questions or concerns regarding distribution of property in your divorce matter, contact an experienced Miami family law firm for answers and diligent representation of your legal interests.

Related Resource: Los Angeles Times, “Frank and Jamie McCourt reach settlement involving Dodgers” Oct. 17, 2011