Wisconsin residents dealing with concerns over property division in their divorce cases may be interested in reading about a June 24 judgment handed down in a case involving former Dodgers owner Frank McCourt and his ex-wife, Jamie McCourt. At the time of the couple’s divorce in 2012, Mrs. McCourt was awarded luxury residences that were purchased during the couple’s marriage of almost 30 years. She was also awarded $131 million without tax obligations. However, Mrs. McCourt later claimed that her husband undervalued the baseball team at the time of the divorce. The team sold in the same year for more than $2 billion.
A superior court judge ruled in the case in September, rejecting the claims. Mr. McCourt’s attorneys pursued repayment of their legal fees for contesting the challenge, an amount of nearly $2 million. Although Mrs. McCourt’s attorneys argued that these fees were excessive, the same judge ruled that language included in the divorce judgment is clear about the obligation of any party contesting the result to reimburse the other’s legal costs. The judge additionally noted that she was involved in the team’s operations and that she had access to and help from many attorneys and accountants prior to the settlement being completed.
As the judge indicated, the language of the divorce judgment denoted an intent to end the matter at that point, and the parties had the opportunity to consider the terms carefully. It is important to understand the implications of a divorce judgment before accepting it, and a party who does not understand the terms may want to seek the assistance of an attorney for clarification.
In some cases, there may be issues in which a spouse has not fully disclosed the value of an asset, resulting in a judgment that may later seem unfair. In such a case, an attorney may assist in exploring the options for pursuing remediation.
Source: ABC News, “Judge Favors Frank McCourt in Divorce Fees Fight“, Anthony McCartney, June 26, 2014
