The ongoing Southern California divorce case of San Diego real estate mogul John Moores and his estranged wife Rebecca took a new twist recently with the two sides arguing over whether one of Mr. Moores’ companies was capitalized with joint funds and, therefore, subject to California’s community property laws.
At issue, according to the San Diego News Network, is JMI Guaranty LLC, a lending company John Moores set up to finance his “various real estate projects.” Rebecca Moores claims the $14 million in seed money used to start the company came from the couple’s joint funds. The dispute, if it drags on, has the potential to affect financing for a variety of real estate developments.
The high-profile Southern California divorce case highlights the complexities of California community property law. Consulting with a Southern California family law attorney is a key step in making your way through this unfamiliar area of divorce law, even when the stakes are far lower than the $1 billion-plus dollars the Moores family is reportedly worth. As the Moores’ case demonstrates, dividing up assets is often not as simple as it might seem – particularly when disagreements arise over what, exactly, constitutes a joint asset.
Seeking the advice of an experienced Southern California divorce lawyer is a crucial first step in navigating a lengthy, and often complex, process. Revelations about the Moores case, for example, have been dribbling into the media for months, even though the case is not scheduled to go to court until December. The case has already led John Moores to initiate the sale of one of his highest-profile assets: the San Diego Padres baseball team. Having a skilled Southern California family law attorney in your corner can be a crucial step toward making this legal process less onerous.
San Diego News Network: John Moores divorce hearing could affect JMI project financing