Divorce settlements are generally considered the final stage of the divorce process in California. During this final stage, most if not all outstanding marital issues are concluded. If marital issues are not fully disclosed during the divorce process, it may cause the divorce settlement to be reopened even after the divorce has been finalized.
The owner of the Los Angeles Dodgers and his wife were divorced in California and a divorce settlement was reached during the process. The ex-wife is now seeking to reevaluate the divorce settlement based on the claim that the assets discussed during the divorce settlement were undervalued. Specifically, the divorce settlement incorporated the value of the Los Angeles Dodgers, which was owned by the couple and was recently sold for $2 billion.
It was reported that the ex-wife tried alternative methods to resolve this dispute prior to relying on the court’s assistance. After alternative measures were unsuccessful, the ex-wife filed a motion with the local California court to reevaluate the divorce settlement.
The actual motion filed with the local court claims the ex-husband misrepresented the couple’s assets during the divorce process. The misrepresentation allegedly accounted for the ex-wife’s receipt of 7 percent of the family assets and the ex-husband’s receipt of 93 percent of the family assets. The large discrepancy was the underlying issue of the court action. The motion further states that even if the discrepancy was a mistake and not fraud, the divorce settlement should be reconsidered for equitable reasons.
The motion is scheduled to be heard in November 2012 and depending on the outcome the ex-wife may be entitled to a significant increase in her divorce settlement.
Source: The Huffington Post, “Jamie McCourt Divorce: Ex-Wife Claims Frank McCourt Vastly Understated Dodgers Value,” Andrew Dalton, Sept. 26, 2012