Texas residents may be interested in the decision by a family court judge in the Dodgers’ former owner’s divorce case. Although the owner sold the team in 2012, litigation is finally drawing to a close two years later in a divorce case that has centered around the ownership of the team.
In 2012, the couple entered into a divorce settlement agreement. This agreement stipulated that the ex-wife of the then-owner of the Dodgers would walk away from the three-decade marriage with $131 million tax-free and multiple pieces of luxury properties. Additionally, the divorce settlement said that any party who contested the agreement would be required to pay the other party’s legal fees that he or she incurred in fighting the contest. However, the owner of the team sold the team for $2 billion in 2012 after their divorce settlement, prompting the ex-wife to claim that her husband had intentionally cited a lower value for the team and shortchanged her in the settlement.
After losing her argument, the former owner sought recovery of the legal fees that he had incurred per the divorce settlement provision. The amount for legal fees was $1.9 million, but the ex-wife’s legal team argued that these fees were excessive. The judge hearing the case said that the wife was intimately involved in the operation of the Dodgers and their ownership. Additionally, he said that she had the assistance of multiple lawyers and forensic accountants. He also cited the language of the divorce settlement that indicated that the former spouses had wanted the settlement to be the final agreement on the case.
If one party in a divorce case believes that an asset is not being valued properly, he or she may seek legal counsel. By taking this course of action, he or she may be able to determine options that are available to demonstrate its value, such as through the use of a forensic accountant.
Source: ABC News, “Judge Favors Frank McCourt in Divorce Fees Fight“, Anthony McCartney, June 26, 2014