Separation is almost always difficult, especially when a couple has been together for a lengthy period of time. When there are significant assets involved, a divorce can become even more difficult and complicated, especially when either of the parties involved is dishonest about assets and income.
The owner of the Los Angeles Dodgers, Frank McCourt, is currently involved in an ongoing dispute regarding his divorce settlement. Although McCourt and his ex-wife originally settled for just over $130 million, his ex-wife is now suing him for over $700 million. The basis of her claim is that McCourt did not accurately represent the value of the Dodgers during the original divorce settlement. The couple was married for over 30 years and they accumulated the majority of their wealth during the marriage, with the help of significant loans from his ex-wife's father.
A high asset divorce in Los Angeles can be especially contentious. The parties may dispute whether assets are marital property, the value of the assets, and the specifics of the asset division. Real estate, 401(k) accounts, retirement plans, pensions, business interests, and other property must all be divided when a couple with considerable means decides to divorce. As a result, couples with high profiles or high net worth often have different needs than couples with fewer assets or less income. In many instances, a couple may want to keep a high asset divorce private and avoid excessive publicity.
For Los Angeles residents involved in a high asset divorce, an experienced family law attorney can help resolve conflicts, provide advice and guidance on litigation and reach a divorce settlement. With the help of a clear strategy and competent negotiations, Los Angeles couples can weather a divorce while retaining some control, whether the divorce settlement is reached in a courtroom in the public eye or in private mediation.
Source: Courthouse News Service, "Jamie McCourt Wants $770 Million from Ex-Husband," Jan. 11, 2013