Assets must be disclosed in an Ohio divorce

| May 8, 2013 | High-Asset Divorce |

When a couple in Ohio seeks to end their marriage in divorce, they must make a full disclosure of their financial status to each other and to the court. In fact, the financial disclosures must list all of the currently owned assets and income, in addition to any money that is to be gained from the sale of the asset are required. It is the sale of a high value asset that is at issue in one infamous divorce case on the west coast.

The divorce involves the former owner of the Dodgers MLB franchise and his ex-wife. At issue is the money that the husband gained when he sold the team and its related properties for an estimated $2.15 billion. The sale came just after he reached a settlement with his then-wife for what now seems to be a mere $131 million.

The ex-wife has told the court that she wishes to rescind the divorce agreement that was reached between the pair. She asserts that her ex failed to disclose the true value of the baseball team, thus leading her to believe that the martial estate of the spouses was worth only $300 million, well short of the couple billion dollars that were later received from the sale of the team alone. Now a court will determine if the husband fraudulently represented the value of the team.

In every divorce matter in Ohio, the spouses must disclose to exactly how much the assets that they gained during their marriage are worth. The opposing spouse then must do due diligence to determine of that asserted value is correct. It is yet to be determined if the wife in this case satisfied her due diligence, but readers may be interested in following the dispute and discovering how the California court ultimately handles the admittedly large scale discrepancy.

Source: Yahoo.com, “Jamie McCourt Claims Foul Pitch in $131M Divorce,” Susanna Kim, April 24, 2013

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