What happens when your divorce agreement requires you to pay more in spousal support than you make in a year? You seek a modification of the agreement from the court. That’s just what the Los Angeles Dodgers’ owner, Frank McCourt, has done.
Frank’s ex-wife, Jamie McCourt, was apparently awarded quite a sizeable spousal support award after their divorce. While Jamie originally asked for $1 million per month, a judge limited the award to the still high $625,000 per month. The judge has ordered Frank to cover $225,000 worth of Jamie’s personal expenses and over $400,000 for six mortgages, including two houses in Holmby Hills and two in Malibu.
According to Frank’s court filing, however, he is operating on a limited budget. He does not get a salary from the Dodgers and is only making $5 million per year from a company that rents land to the team. Although $5 million may seem like a high salary, Frank only has $350,000 in his personal bank account and recorded $600,000 in personal expenses last year. He also paid $7.7 million in spousal support to Jamie last year.
USA Today has reported that Jamie is fighting a modification of her spousal support. The couple has yet to appear before a judge, but her spokesperson has issued a statement on Frank’s alleged inability to pay. The spokesperson has said that if Frank can’t afford his support obligations, he should sell his ownership interest in the Dodgers.
The couple had previously signed a postnuptial agreement in which Frank received sole ownership of the Dodgers, but a judge has since ruled the agreement invalid. Jamie has sought half of the team as community property.
Source: USA Today, “Dodgers owner seeks lower spousal support payments,” 17 July 2011