Texas baseball fans might be interested to learn about the divorce settlement that was reached between Houston Astros owner and his former wife. After 21 years of marriage, the couple settled their divorce on Dec. 30. The man reportedly agreed to pay $30 million to to his former partner over a five-year period with 6.5 percent interest.
Although many people wondered whether the property division settlement in the divorce would have an impact on the Houston Astros, the team’s finances were not affected by the divorce in any way. However, the woman was not awarded any financial interest in the baseball team, and the Astros’ payroll will remain untouched. According to reports, Major League Baseball had requested that certain language be included in the legal documents involved in the Astros purchase that addressed any possible future divorce issues.
In the former couple’s 34-page property settlement, the Houston Astros were mentioned only one time. The reference was a request that the woman be provided with the baseball team’s financial statements. Other businesses belonging to the team’s owner, including Champion Energy Services and Crane Worldwide Logistics, were also not mentioned in the divorce settlement. In 2013, Crane Worldwide Logistics reported revenue of $574 million.
Although no divorce is easy, a high asset divorce can be especially complicated due to the high stakes that are involved. A spouse who is at risk of losing valuable real estate and other assets in a divorce might want to have representation from an attorney. An attorney may be able to help a spouse achieve their goals in a divorce by ensuring that ownership of personal property is well established.
Source: Houston Chronicle, “Jim Crane’s divorce finalized; financial settlement said to have ‘no effect’ on Astros,” Evan Drellich, Feb. 13, 2015