Chicago Cubs fans may not be happy with their team's place in the standings, but there may be a sense of schadenfreude in knowing that one of the most reviled men in baseball, former Dodgers' owner Frank McCourt, is back in court. McCourt's ex-wife Jamie says she reluctantly filed suit after other approaches failed. She says McCourt understated the value of the Dodgers in the couple's property settlement.
As we have discussed in earlier posts, Illinois is not a "community property" state. Instead of splitting marital property 50/50 in a divorce, the parties -- or the court -- divide property equitably, taking a number of factors into consideration. It is hard to say if the case we discuss below would be decided any differently in an equitable property division state, but the outcome in the community property jurisdiction was pretty interesting.