Tuesday, March 23, 2010
McCourts battling over cash claims
LOS ANGELES -- Ex-Los Angeles Dodgers CEO Jamie McCourt says her estranged husband has at least $18 million available that could help pay for her spousal support in the couple's bitter divorce case, according to court documents.
Jamie McCourt said Frank McCourt continues to live a lavish lifestyle while she has mounting bills and doesn't draw any income.
She estimated she has about $4 million in savings and roughly $450,000 in cash that will quickly run out due to monthly mortgage payments of about $415,000 on the couple's homes and vacation properties, according to the documents filed Monday.
Her filing came after Frank McCourt said earlier this month that he will only earn about $5 million this year. His attorneys argue that Jamie McCourt should be denied $1 million in spousal support because she has assets worth more than $75 million.
Frank McCourt's attorney, Marc Seltzer, said Monday's filings by Jamie McCourt "are just a continuation of her campaign to obtain very large sums of money and assets to which she is not entitled."
"The plain fact remains that she signed a marital property agreement, not just once, but three times, because she wanted to make sure that her valuable real estate holdings and other assets were protected as her separate property. We are looking forward to a prompt resolution of this litigation," Seltzer said.
The couple is embroiled in a costly divorce dispute with the Dodgers possibly hanging in the balance. Jamie McCourt said she is the team's co-owner, while her husband maintains a marital agreement between the two gives him sole possession of the Dodgers.
Jamie McCourt disputes the claim, saying "There was never any discussion that only Frank owned the Dodgers or that it was his separate property," according to her declaration.
Frank McCourt said in court papers filed earlier that the couple had a "long-standing practice" of dividing their assets. He added his wife supported that approach to ensure they could be protected from any creditor claims against himself or the Dodgers.
He said the couple entered into a marital agreement in March 2004 that gave him ownership of the Dodgers. He said he has allowed Jamie McCourt to identify herself as "co-owner" for the "interests of family harmony" but her claim has damaged the Dodgers organization.
Jamie McCourt said in her filing that the couple's worth is more than $1.2 billion and includes four homes in the Los Angeles area, two in Massachusetts, a condominium in Vail, Colo., ranchland in Montana and undeveloped property in Cabo San Lucas, Mexico.
A hearing to determine spousal support is slated for March 29. A trial to determine ownership is set for May 24.