When either one or both divorcing spouses own a share in a business, how that business is characterized and valued can be an enormous – and enormously complex – piece of the property division puzzle, particularly in community property states such as California, Texas, Washington, and Nevada. If some or all of the business is considered community property, then it must be properly valued so that the court can make an equitable distribution in accordance with applicable state law. The valuation of a business, or one spouse’s share in a …(read more)
Although L.A. Judge Scott Gordon has until December to rule on the validity of a post-nuptial agreement between estranged Dodgers owners Frank and Jamie McCourt, the battle over ownership may not end there. The post-nuptial agreement is marred by inconsistent versions; Frank claims those drafted in Jamie’s favor are the result of a typo unintended by either party, while Jamie argues both versions are invalid because they are contradictory and the parties never agreed on the terms.
While there remains a possibility that the parties will settle, either on their own …(read more)
Frank and Jamie McCourt, the parties currently embroiled in a battle over ownership of the Los Angeles Dodgers, submitted their proposed statements of decision to a Los Angeles County Superior Court Judge on October 18. The former husband and wife bought the Dodgers in 2004, and are currently disputing the validity of a post-nuptial agreement they signed amidst 2009 divorce proceedings.
Judge Scott Gordon will have until December 29 to make a ruling on whether the post-nuptial agreement is valid, unless the estranged couple settles first. While a mediation conference between …(read more)
Community property is a type of jointly-owned real property that is only accrued by spouses in a few States, including Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. It can be any real property, assets, or debts, including the spouses’ residence and other property, retirement benefits, stocks and investments, and even checking accounts and savings accounts. In some States, such as California, all community property must be divided on a 50/50 basis between the spouses when they divorce. Texas is a community property state, however, the spouse’s …(read more)
