California Post Marital Agreement--Or Not?
This blog has posted several articles on the Jamie and Frank McCourt divorce and specifically the legal issue as to the validity of a post marital agreement signed by Mr. and Mrs. McCourt by which Frank McCourt claims sole ownership to the LA Dodgers baseball team. The trial is ongoing at this time as to this issue in a California divorce court. A LA Times article describes the second day in trial. To the surprise of many, Jamie McCourt had a great second day in this trial.
Meaning of post nuptial agreement: A "premarital" or "prenuptial" or "ante nuptial" agreement all mean the same thing--an agreement before the marriage. A "post marital" or "post nuptial" agreement is an agreement finalized after the marriage. These agreements are permitted under California law; however California limits what they can do. They can change the ownership of property; change property characterization; for example, community property to separate property or separate property to community property. They can provide for the amount and duration of spousal support. They cannot dictate child support or child custody. San Diego Certified Family Law Specialist attorneys frequently create and review premarital and post marital agreements.
The post marital agreement in the McCourt case transferred all ownership of the LA Dodgers to Frank and transferred the real estate to Jamie. Or did it? Frank has entered into evidence a signed post marital agreement that transfers the team to him. However, Jamie has now entered a signed agreement into evidence showing that Frank transferred all of the homes to Jamie and it does not mention the Dodgers. So, we have two signed agreements. Further, bank and loan documents indicate that the parties were acting co-owners to the team. Further, loan documents, signed by the parties showed that a loan was made to both of them as co-owners. Under California law, a loan creates funding and the money is either community property or separate property in character depending on how the loan was arranged.
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