Colts owner and his wife getting divorced

On Behalf of | Nov 25, 2013 | Property Division

Jim Irsay is a name that many people here in Texas may have run across while reading sports news, as he is the owner of the Indianapolis Colts. Recently, Irsay’s name has jumped from the realm of sports news into the realm of family law news; it has been reported that Irsay and his wife are getting divorced.

The two have been married for upwards of three decades, but have been living separately for over 10 years now. Last week, a divorce petition was submitted by Irsay’s wife. According to a joint statement Irsay and his wife have made, the decision to get divorced was a mutual one.

In addition to being the owner of the Colts, Irsay has other business interests. One issue that sometimes becomes a point of dispute in a divorce is whether/how certain business interests will be divided between the divorcing parties. However, it appears that Irsay’s interests in the Colts and other businesses will not be factors in the divorce. The above-mentioned joint statement said that such interests will remain 100 percent with Irsay.

There are many different things that can play a role in whether a given business interest is subject to division in a divorce, including: when the interest was obtained, how it was obtained and whether the divorcing parties have reached any agreements regarding who the interest in question belongs to. Thus, whether or not a given business interest ends up being a major issue in divorce-related property division negotiations/proceedings can be dependent on a wide variety of factors.

Source: USA Today, “Colts owner Jim Irsay divorcing wife after 33 years,” Mike Chappell, Nov. 21, 2013