McCourts reach property division settlement worth millions

| Oct 19, 2011 | Property Division

Even in Pittsburgh, the story of the divorce between the owners of the L.A. Dodgers Major League Baseball club has been making the news (including this blog). Frank and Jamie McCourt have been in the divorce process now for three years, and are said to have paid millions in legal fees. Most people would never have such a drawn-out process or ever come close to paying so much in fees in a divorce case. However, the McCourts have more than the average person when it comes to marital assets to fight over. They have hundreds of millions of dollars at stake in their property division.

Now, reports are coming out that the two have finally reached a settlement. One of the most contentious issues between the two has been who owns and/or controls the Dodgers. Frank had a postnuptial agreement that gave him sole ownership of the team, but a judge ruled that it was invalid.

Pittsburgh property division attorneys noted that the news reports are saying that under the proposed settlement, Frank will have sole ownership and control of the baseball team, and in exchange Jamie will get $130 million.

It is not known yet whether that reported agreement is the entire settlement, or only the settlement as regards control of the L.A. Dodgers.

Frank McCourt’s troubles with the Dodgers are not over yet, though. Major League Baseball still opposes his plan to sell television broadcasting rights for the Dodgers in order to help the team emerge from bankruptcy. The league is also concerned that Frank might take money from the sale of broadcast rights and use it to pay part of his divorce settlement.

Source: KTLA “Report: McCourts Reach Divorce Settlement; Frank Gets Dodgers” Oct. 17, 2011

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