High asset divorces can make the difficult process even more complicated. Going through the worth and value of all of your possessions and working out who gets what often strikes up many emotions and it can be difficult sometimes to part with certain things, but the situation changes when one party is hiding something. Colorado residents who are in the process of dividing up their assets with their spouses may want to take note of what can happen if some figures are fudged.
Ex-Dodger owner Frank McCourt was officially divorced from his wife in 2010, when his now ex-wife received a reported seven percent of the family assets, with the remaining 93 percent going to McCourt. The upset occurred when McCourt sold the Los Angeles Dodgers in early 2012 for the highest amount ever in professional league sports, $2 billion, when he had previously estimated the team’s worth at $300 million during the divorce.
Last month, Jamie McCourt filed a motion against her previous husband, citing that he had committed fraud by asset misrepresentation. It is reported that she requests a revisit of the assets and of their divorce settlement due to the suspected fraud and, if not for that reason, then due to the inaccurate figures from the original divorce settlement. The Los Angeles Superior Court is to hear this case in November of this year.
Whether it’s the car you both bought together or a separate bank account you have, being up front about all of your assets during a divorce settlement can help the process of dividing assets go much smoother. Looking into Colorado’s laws regarding divorce and settlements may help you to understand some options and potential outcomes. If you feel that your spouse is hiding assets, contacting an appropriate lawyer could help you find a legal way to go through your assets together.
Source: denverpost.com, “AP News Break: Ex-Dodger owner back in divorce court,” Andrew Dalton, Sept. 26, 2012
· Our Family Law firm handles cases regarding divorce and asset division. To learn more, visit the Divorce page on our website.