As a Certified Family Law Specialist attorney working in La Jolla California I've seen some high income and asset cases. However the California divorce between Jamie and Frank McCourt, owners of the Los Angeles Dodgers baseball team, is reportedly one of the most expensive divorces in California history. There is an excellent article in Bloomberg Business Week magazine, author Richard Siklos, August 12, 2010 providing in depth coverage of this case. This blog will reference some of the comments from the article and add information from a Family Law Specialist's viewpoint.
The McCourts, Frank and Jamie, came from a humble starting point. Pooling together money to buy a parking lot on the East Coast, they became rich over many years of marriage and hard work. They failed in an attempt to buy the Boston Red Sox, but bounced back when they were able to buy the LA Dodgers from Fox. However, their current, ongoing divorce has been called the most expensive California divorce ever. An estimated expense of $19 million and the case has not yet been through trial. If they go through a full trial (for example, on the value of the baseball team), and then the losing side appeals the decision, the current cost of the divorce is probably less than one-half of what they will end up spending.
Under California divorce law, the court can bifurcate, or separate out, a key issue to the divorce case, and have a trial on that issue first. This is likely what the McCourts are doing as they have a trial scheduled to start on August 30, 2010 as to the value of the Dodgers. Frank says the Dodgers are worth approximately $800 million today. Jamie estimates the value is at least $1.5 billion. Frank claims to have a Post Marital Agreement (or Marital Agreement) signed by Jamie where she has signed over the team to Frank. If this agreement holds up, Jamie receives nothing regardless of how much the Dodgers are worth.
However if this Agreement is upheld as valid, the profits from the Dodgers are 100% Frank’s and this will help to define the spousal support obligation that Frank has to Jamie. The McCourts have been married for 30 years. Any marriage for more than ten years is referred to a “long term marriage” under California law, and the resulting spousal support order from the trial court will not have a termination date.
The San Diego divorce attorneys of the Law Office of Thomas M. Huguenor handle divorce cases with Marital Agreements, spousal support and property valuation issues.
