Divorce Battle Could Alter Los Angeles Clippers’ Sale

By Kantrowitz, Goldhamer & Graifman, P.C.News

According to USA Today, Shelly Sterling, the estranged wife of disgraced Los Angeles Clippers owner Donald Sterling, is planning on filing for divorce from her husband, but is waiting to file documents because of potential ownership proceedings by the NBA.divorce

Last month, audio recordings of Donald were leaked to the public in which he was making racist and bigoted comments about players and African Americans.

After the recordings were released, the NBA commissioner announced a major fine against Sterling, and said that he would force the sale of the team through NBA guidelines and agreements. However, at issue is Shelly’s 50 percent ownership stake in the team.

According to USA Today, Shelly has been advised to hold off on filing for divorce by attorneys, as the sale of the team may generate billions of dollars.

However, another option many experts have brought up is that Shelly could potentially file for divorce and place the interests of the team’s sale in the hands of a family court.

“In the case of divorce, the couple’s many assets, including the Clippers, could be subject to a temporary restraining order by the court, as the couple tries to divide their community property and reach a resolution about who gets what, a situation that sometimes takes years,” USA Today reported.

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The division of marital assets can be one of the most divisive issues in a divorce case. A tremendous amount is at stake in any divorce case, with the outcome determining who will retain control of valuable real estate, residences and retirement funds accumulated during a marriage.

Assets that may need to be distributed in a divorce can include:

  • Homes
  • Commercial real estate
  • Closely held businesses and business interests
  • Bank accounts
  • Motor vehicles
  • Retirement funds and benefits
  • Stocks, stock options and bonds

Let our attorneys handle your divorce case and protect your assets. Call us today if you are thinking about divorcing your spouse.

Kantrowitz, Goldhamer & Graifman, P.C. – Rockland County Divorce Attorneys

Source: http://www.usatoday.com/story/sports/nba/clippers/2014/05/14/donald-shelly-sterling-divorce-papers-lawsuit-los-angeles/9109631/

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