Dividing up the assets when a marriage in Ohio has ended is often complex and may require a third party to assist in their designation. Even when both parties are agreeable, divvying up these high value possessions is complicated, but when couples are quarrelsome, the process is especially challenging. This is particularly true when couples have significant assets like pensions, property, business assets, stock options, professional practices and the like.
A Los Angeles couple and former Dodgers owners divorced in October 2010. The Dodgers were facing financial uncertainty and filed bankruptcy some months after the divorce was finalized. A buyer for the Dodgers later materialized and paid $2 billion for the franchise. As part of the settlement, the ex-wife received multiple luxury homes and $131 million in tax-free dollars. There was over $460 million in tax liabilities for the sale of the team; liabilities that the ex-husband paid.
The ex-wife recently appealed to have the settlement amount adjusted based on the Dodgers’ sale. Attorneys representing her ex-husband report that the ex-wife was given a copy of the team’s financial reports, however, she attests the value of a future sports network was not included in the financial reports; she, therefore, was unaware that the team was valued so high. It is unknown if the ex-wife hired a third party to interpret the financial statements and value the team appropriately. She was denied the additional $770 million she requested.
When people divorce, there are a number of challenges to face. Dividing the assets, however, may be among the more complicated matters at hand. For complex asset division issues, it might be worthwhile to converse with an experienced attorney.
Source: ESPNLA, “Jamie McCourt not entitled to more,” Sep. 9, 2013