Divorce of Dodgers owners illustrate how dissolving joint finances can drive couples to LA bankruptcy court
Divorce is seldom a painless process, but for power couple and Dodgers owners Frank and Jamie McCourt who face off in a Los Angeles courtroom this week, much more is at stake than 30 years of memories, the LA Times reports.
Divorce is a leading cause of bankruptcy filings in the Los Angeles area. Consulting a Santa Ana bankruptcy lawyer or a bankruptcy lawyer in Orange County can help protect your rights.
The LA Dodgers is a hundred million dollar a year franchise, one which neither Frank nor Jamie wish to lose interest. Both are now fighting to establish ownership rights and at least some control over the big-money future earnings the team promises.
While such grand stakes are uncommon to most Orange County couples contemplating divorce, the financial reorganization that frequently accompanies the painful process of divvying up a lifetime of community property can often land either or both in an L.A. bankruptcy court.
Splitting up assets, deciding who takes control over which bills and who reaps the benefits of formerly joint income can be a financially devastating process during a time already rife with emotional stress. Seeking the advice of a bankruptcy attorney, who understands divorce, can help protect the rights of a spouse now facing bankruptcy along with the dissolution of their marriage.
For the McCourts, what is up for debate is whether or not Jamie signed away her ownership rights to the Dodgers in exchange for sole possession of the couple’s many residences, the LA Weekly reports.
Jamie says she never read the document, “trusting her husband when he said the document was designed to protect the couple’s home from creditors,” the LA Times article reports. Frank counters that his wife knew exactly what she was signing whether she read it or not. Now, a judge will decide whether the document they both signed gives Frank sole ownership of the team.
For those struggling with divorce and contemplating bankruptcy, finding and talking with a Santa Ana, Ontario or L.A.-based bankruptcy attorney who understands the law and your rights can assist you in determining a course of action and help you regain control of your life. The Shakoori Law Group, a law firm dedicated to bankruptcy, debt collection defense and consumer protection, can be reached at (877) 529-2188.
