Property division proceedings can vary significantly from case to case. High asset divorce settlements, for instance, can have a profound impact on multiple parties in instances where the ownership of business entities comes into question. Company employees and investors can have questions or concerns about how the future of their business may be affected by the valuation and division of marital property. A real life example of high-asset property division concerns can be found in the divorce proceedings of the owner of a major Texas sports team.
Sports fans, players and team investors recently got news that the future of the Houston Astros baseball team would not be affected by the divorce settlement of team owner Jim Crane. The divorce of Crane and his wife of 21 years was said to be finalized, and reportedly accounted for the division of multiple forms of assets. Representatives for both divorcing parties noted, however, that the settlement would not affect Crane’s ownership stake in the team.
Confronted by issues regarding baseball teams being subject to property division proceedings in the past, the MLB and Crane addressed the topic when he bought the Astros. And while Crane’s now ex-wife did not pursue ownership of the team during divorce settlement negotiations, she would reportedly receive $30 million with interest over a five-year period.
The tone of divorce settlement arrangements can depend on many factors, including the effectiveness of property division negotiations. Anyone with questions or concerns about his or her investments during divorce proceedings has the right to speak with an experienced attorney today.
Source: Houston Chronicle, “Jim Crane’s divorce finalized; financial settlement said to have ‘no effect’ on Astros,” Evan Drellich, Feb. 13, 2015