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The divorce of Frank and Jamie McCourt has received a lot of publicity due to the fact that ownership and control of the Los Angeles Dodgers has been a central sticking point in the settlement of property division issues between the McCourts. Earlier this week, after a great deal of expense, the two have purportedly reached a settlement
on their divorce.
Many justifiably remain skeptical that an actual settlement has been reached. A prior agreement
fell through when the Commissioner of Major League Baseball, Bud Selig rejected a new television deal from Fox Sports that would have financed the entire agreement. Reports of the settlement were made by an “anonymous source.” Additionally, any agreement must still be approved in both family and bankruptcy courts before it becomes final.
The settlement would grant Jamie
$130 million but require her to relinquish her rights to the team. This would leave Frank with sole ownership and control of the Dodgers. This does not end the fight over the team for Frank. The daily operations of the club have already been taken over by Major League Baseball to which Frank responded by filing Chapter 11 bankruptcy reorganization, in an attempt to regain control of the team. More recently, Bud Selig is calling for the sale of the team in order to get it out of the McCourt’s hands.
Of course, most couples that divorce do not have hundreds of millions of dollars nor do their assets include a professional baseball team. However, the division of property can stillbe challenging and the divorce process quite difficult. Whether a divorce involves a large settlement or something much smaller it is important to work out the details as early as possible and prepare for whatever surprises might happen along the way.
For the McCourts, the divorce settlement will not be official until it receives the Judge’s approval. When this is finally over, it is sure to be one of the most complex and costly divorces in California history.
All factual information provided by KTLA.
The Orange County law firm
of Don Ho, LLP can assist you regarding divorce in California or any other legal matter.
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