There can be many complex financial considerations during a divorce. Keeping a home, appraising a family home, valuing the future income stream from a retirement account or Social Security, and simply separating the finances of a couple becoming two separate households.
One of the more contentious issues during a divorce can be the property division. This involves all of the personal and real property of the marital estate, from the family and vacation homes, to Aunt Bessie’s china, to investment accounts and income from a professional partnership. You also want to ensure that your debts are identified and factored into any property division.
This is necessary because you may not have a second opportunity to divide the assets and debts. While you may seek modifications of child support or spousal support if your circumstances have changed significantly, to modify a property division, you typically need to show actual fraud on behalf of your former spouse.
Such a situation apparently has occurred in the divorce of Frank and Jamie McCourt. McCourt was the owner of the Los Angeles Dodgers at the time of the divorce and he placed his worth at $300 million. However, two months after the divorce was final, he sold the Dodgers for $2.1 billion. Jamie may want more than an explanation as to how this occurred.
She received a $131 million in the original settlement, but now is asking for at least $900 million, as she claims he “fraudulently persuaded” her regarding the previous valuation of his assets.
Source: CBS Los Angeles, “Frank, Jamie McCourt Headed Back To Court Over Bigger Divorce Settlement,” April 17, 2013