Ex-wife loses out on $1 billion profit of team's sale

Florida MLB fans may recall that ownership of the Los Angeles Dodgers transferred hands in 2012. Recently, a judge ruled that the ex-wife of Frank McCourt, the erstwhile owner of the team, did not have a legal basis to share in the profits of his sale of the team, which occurred after the couple's divorce was final.

McCourt sold the Dodgers for $2.15 billion, a record sale, five months after his ex-wife accepted a settlement of $131 million in the divorce. The new owners of the team then entered into a multibillion-dollar deal to make a regional sports network centered on the team. After subtracting tax payments and debts, McCourt made more than $1.27 billion on the deal. Additionally, the new owners agreed to invest $650 in a development fund run by the former owner and to pay an annual management fee to him.

McCourt's ex-wife asked the judge to throw out he divorce settlement because she claimed that her former husband had misled her about the team's value and its assets. She wanted the judge to order her husband to share the profits that he obtained through the sale. However, the judge found that there was "no credible evidence" to support the allegations regarding her husband misleading her, especially since she was a high-ranking executive and had been involved in valuations of the team and its assets. Her attorney remarked that she plans to appeal the decision.

Florida family law attorneys may be able to assist individuals going through a divorce, whether it involves considerable assets or difficult issues such as child custody. They may retain the services of forensic accountants if assets are hidden from one spouse by the other during the process and may also be able to modify an existing divorce agreement if a major change has occurred.

Source: LA Times, "Jamie McCourt loses bid to throw out Dodgers divorce deal", Bill Shaikin, September 09, 2013

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