In California, any assets acquired during a marriage are considered community property and must be split equitably.
Jamie and Frank McCourt met when they were in college. They married in 1979 and moved to California in 2004, when the couple bought the Los Angeles Dodgers and the team’s assets. When the couple divorced in 2010, their main assets included the Los Angeles Dodgers, Dodger Stadium, 276 acres near Dodger Stadium, and television rights to Dodger baseball games.
Frank McCourt is the president of McCourt Group, a commercial real estate development firm. Until the separation, Jamie McCourt was active in the Dodger organization, and was at one time the president and CEO of the baseball team. But she was not involved in the team’s financial dealings.
When the McCourts divorced, Jamie McCourt agreed to a $131 million California divorce settlement. She believed she was receiving half the assets of the marriage. Two weeks later, her ex-husband sold the Dodgers and their assets for $2.15 billion dollars. It was the most money ever paid for a professional sports team. Jamie McCourt says she was intentionally misled about the value of the team and is owed about $770 million. She was told that, at the time of the divorce, the couple’s assets, including the Los Angeles Dodgers, were worth about $300 million.
Frank McCourt’s lawyers say that she should have done her research.
When you file for a divorce in California, you must fill out Form FL-142, which lists all marital property, debts, and assets. You must provide a copy to the other spouse. Property must be divided so each spouse gets an equal share.
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