On September 17, 2010, the divorce trial of Frank and Jaime McCourt continued as manager Joe Torre announced that he would be stepping down as Dodgers manager to make way for current Dodgers hitting coach Don Mattingly to assume the manager position.
One of the major issues in the divorce trial is ownership of the Dodgers; specifically, whether Jaime would remain an owner after the divorce. Frank has argued that Jaime signed a postnuptial agreement stating that Frank owned the Dodgers as his separate property, Jaime owned all their other assets as her separate property, and the couple would have no community property. According to Frank, the purpose of this agreement was to protect their assets from creditors, while Jaime maintains that the agreement they reached was to share ownership of the Dodgers.
The divorce trial has cast a major pall on the Dodgers this season and has prevented the team from making any major financial moves as the McCourts sort out their marital issues. The Dodgers are currently in fourth place in the National League West and will miss the playoffs for the first time since 2007.
Some have speculated that the McCourts’ marital turmoil and its affect on the Dodgers contributed to Torre’s decision to step down as manager.
In California, an agreement to change the character of separate or community property is called a “transmutation” and is legal, provided the agreement is in writing and signed by the spouse whose property interest is adversely affected by the agreement. (California Family Code sections 850, 852(a).)
If you or someone you know is going through a divorce or wishes to transmute property, you will need an experienced Los Angeles family law attorney who will work with you to accomplish your goal. For over 30 years, Wallin & Klarich has helped people in a variety of family law matters, including divorce and transmutation. Call us today at (888) 749-7428 or visit us at our website at www.wkfamilylaw.com. We will be there when you call.
