November 15, 2011: Divorce Settlement Reached for the McCourt’s

By April Lopez

For Los Angeles owner Frank McCourt, the problems began two years ago when he and his wife, Jamie, announced they were separating.

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After the announcement, the battle for control of the couple's valuable asset, the Dodgers, started, which eventually led to Frank McCourt settling his feud with Major League Baseball and auctioning off the team through U.S. Bankruptcy Court.

Last month the divorce settlement was agreed to and it was filed on Thursday. Frank McCourt will pay Jamie $131 million by April 30, 2012. By making the payment early, he will save $1 million per month. Jamie will receive $225,000 per month in spousal support..

The Dodgers will have to be sold if he fails to make the payments, although that process is already underway.

Including homes in Malibu and Vail, Jamie McCourt will receive approximately $50 million in real estate the couple owns. Frank McCourt will keep two other homes the couple owns.

The couple purchased the Dodgers in 2004 and Frank will also take full responsibility for any tax liability the couple has incurred from their business dealings.

Find local divorce information, click here: http://www.divorcemag.com/findprofessional.php.

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