McCourts Finally Agree on Divorce Settlement
The contentious divorce between Frank and Jamie McCourt, and the subsequent fate of the Los Angeles Dodgers, has been widely publicized. Earlier this year, a post-nuptial agreement which stipulated that Frank McCourt gets sole ownership of the Dodgers in the event of a divorce was invalidated in court, extending the divorce battle. But now, with the impending Dodgers bankruptcy decision and approximately two years after they announced their separation, the McCourts have come to an agreement on the terms of their divorce after their initial settlement was nullified in June.
According to The Los Angeles Times, Jamie McCourt, who initially fought for half ownership of the Dodgers, agreed to turn the bankrupt team over solely to her ex-husband on the condition that she receive a settlement of approximately $130 million by next spring. If Frank McCourt has not paid Jamie the settlement by then, and is still in ownership of the team, he must sell the team to pay his ex-wife. Whether he stays in ownership remains to be seen, however.
Frank McCourt is currently battling with Bud Selig, Major League Baseball (MLB) Commissioner, in bankruptcy court over the potential sale of the team. If the court orders the sale of the Dodgers, then the first $130 million of net proceeds would go to Jamie McCourt if she has not been paid by that time. It is possible that the net proceeds would not be more than $130 million, which would leave Frank McCourt with nothing from the team’s sale.
Divorce is a difficult, emotionally charged process which becomes exponentially more stressful when the media becomes involved. Public marital assets, like a sports team, don’t make it any easier. High profile couples need a high profile divorce attorney who can help them get through their divorce discreetly and efficiently. If you are contemplating a high profile divorce in Pennsylvania, contact the experienced Delaware County high profile divorce lawyer Sheryl R. Rentz for a consultation at (610) 645-0100.