Many divorces in Colorado are settled without a hitch, but in some instances, there may be a significant disagreement about how assets should be divvied up. Although these disagreements are typically addressed before a divorce is concluded, it is possible for one party to uncover information that might lead them to believe that a settlement was not as fair as it initially appeared. The ex-wife of former MLB Dodgers baseball team owner recently took her ex back to court over what she said was a gross under exaggeration of the team's value.
Frank and Jamie McCourt divorced in 2011 with a divorce settlement that entitled Jamie McCourt to over $130 million from her ex-husband. This amount was based upon the financial information that both parties provided during divorce proceedings. Frank McCourt, in particular, had to hand over hundreds of pages of records outlining the finances of the Dodgers -- the Major League Baseball team that he owned at the time.
In 2012, just months after their divorce, Frank McCourt sold the Dodgers for approximately $2 billion. In light of the team's sale, Jamie McCourt apparently felt that her settlement was insufficient. Believing that Frank McCourt had not been honest when disclosing the value of his team, she petitioned the court to have the settlement overturned. After careful evaluation, the court disagreed with Jamie McCourt, and the divorce settlement still stands in place.
It can be unsettling to uncover what appears to be evidence that a divorce settlement was not as fair as it initially appeared. Those who believe that their divorce settlement was unfair can petition the court to review it, but they will generally need clear and convincing evidence that fraud and/or a material mistake was involved. However, those who have been unfairly accused of concealing assets may rest assured that the final decision of whether a settlement is just lies with the court in Colorado, and not with their ex-spouse.
Source: ABC News, "Appeals Court Won't Toss Ex-Dodgers Owner's Divorce Deal", Anthony McCartney, Feb. 25, 2015