Frank McCourt files for lower alimony payments

Any divorce has the potential to become a complex divorce. When there is a large amount of assets involved, the chances that the divorce will become complex increase. The divorce between Frank and Jamie McCourt is a good example of how this can happen.

In the latest round in the prolonged divorce contest between McCourts, Frank McCourt is disputing the amount of spousal support, or alimony, that he is required to pay. Frank McCourt argues that his wife is living extravagantly and that he cannot afford to continue funding her lifestyle while the divorce is finalized. Jamie McCourt contends that he is mismanaging his funds, and could sell his half of the Dodgers to cover costs of the divorce.

A previous court order mandated that Frank McCourt was to pay his ex-wife more than $600,000 per month, including $400,000 in payments on seven homes that are in her name. He would like these payments to be reduced.

The seven properties, which are all titled in Jamie McCourt’s name, are currently a major part of the divorce dispute. Jamie McCourt refuses to either sell or rent the properties, and Frank McCourt continues to have to pay the mortgages.

Because the Dodgers are also now in bankruptcy, Frank McCourt’s annual income has fallen to $5 million. His income does not cover the court-ordered payments to his ex-wife, and he has declared in filings that he has spent $8 million on support for Jamie McCourt in the last year, compared to about $600,000 on his own expenses.

Jamie McCourt questions Frank’s personal financial situation, contending that he is exaggerating any financial difficulties he may be having. She also questions Frank McCourt’s ability to run the Dodgers, whose value has significantly decreased in the last two years.

Frank McCourt’s motion to lower his payments to Jamie McCourt will be heard next month.

Source: ESPN, “Frank McCourt seeks reduced payments,” Josh Fisher, 15 July 2011