The thought of if or when a marriage will end is probably the last thing that would ever cross the mind of any newlywed couple. There are times though when a divorce may be in the future best interest of Colorado spouses. One of the purposes of a divorce settlement is to allow each individual to continue living a similar lifestyle to the one each had during the marriage. Unfortunately, some spouses in high asset divorce cases may attempt to claim more of the marital property than he or she should be rightfully allowed to.
In a new development in the case involving former Los Angeles Dodgers owner Frank McCourt, a judge refused to throw out a divorce settlement that was being disputed. Jamie McCourt, Frank's ex-wife and former CEO of the Dodgers, claimed that the original settlement should be voided because she was falsely informed of the team's value. She had previously been awarded multiple upscale homes along with $131 million dollars. We first discussed this divorce case in our post titled "Joint business - complicating Colorado property division" on June 21, 2013.
Frank McCourt's lawyers made the point that his former wife had been given all of the team's financials before the settlement was determined. They argued that she most likely failed to properly analyze and review the data. After hearing both sides, the judge ruled that Jamie McCourt did not have enough proof to show that she should be entitled to anything beyond the original settlement.
Cases like this are an example of just how high the financial stakes can be in a high asset divorce. The complexity and overall time frame involved with any divorce can be directly proportional to the amount of marital property being divided between the two parties. There are resources available to Colorado spouses who may be facing such difficult decisions or issues. Familiarizing oneself with the associated laws of a divorce could ease an individual through the transition and on to a better life going forward.
Source: kttc.com, Judge denies request to toss McCourt divorce deal, Greg Risling, Sept. 9, 2013