In the highly publicized divorce case affecting ownership of the Los Angeles Dodgers, a Judge in Los Angeles ruled that the Marital Agreement between the McCourts was invalid. The agreement purported to give Frank McCourt sole ownership of the Dodgers. The ownership of the Dodgers will now be decided under California’s community law statutes, which presumes that property acquired during the marriage is community property and equally shared by the parties.
This case is a good example of the importance of taking time when drafting marital agreements, and making sure both parties have every opportunity to seek legal counsel to advise them regarding the agreement. While marital agreements between spouses during marriage can be held valid, a judge will usually be very carefully in analyzing and upholding the agreement has valid, and if, as in this case, it appears that proper procedures weren’t followed or one party was not fully informed of his/her rights, then the agreement won’t be enforced.
If you are considering entering into a marital agreement, be sure to consult with a family law attorney about your rights and the enforceability of the agreement.