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The McCourt’s are back! Divorce settlement is disputed in court.

On Behalf of | Apr 25, 2013 | Property Division

Prior to the divorce settlement reached in the media-saturated marital dissolution of Frank and Jamie McCourt, discussion centered primarily on whether the Los Angeles Dodgers baseball team was owned solely by Frank McCourt or was an asset equally owned by the couple under California’s community property laws.

That all seemed put to bed when the couple executed a settlement that the court accepted in October 2011 pursuant to which Jamie McCourt received $131 million and several homes.

Soon after the agreement was reached, however, rumbling began coming forth from Jamie McCourt’s camp that her ex-spouse engaged in fraud that greatly reduced the amount of money she was legally entitled to in the couple’s property division. The matter was resurrected, with a non-jury trial held last week in Los Angeles to determine whether the divorce settlement should be thrown out.

At trial, Jamie McCourt argued that her former spouse undervalued the team’s worth in financial documents presented during the divorce settlement. Specifically, she contended that Frank McCourt kept mum about a future regional sports network broadcasting deal worth more than $1 billion. Jamie McCourt stated at trial that she was cheated out of approximately $770 million.

Unsurprisingly, Frank McCourt’s legal team heartily disputes that assertion, maintaining that Frank fully disclosed all relevant documents and that Jamie McCourt simply failed to do the required due diligence mandated of any negotiating party. Frank McCourt argues that the $131 million — taken tax-free — and the several homes that Jamie McCourt received constituted a fair settlement.

A ruling on the matter is expected sometime during the summer.

Source: Huffington Post, “Frank McCourt divorce: Jamie McCourt wants Dodger divorce settlement tossed,” Greg Risling, April 24, 2013