Set in Foote's fictional Harrison, Texas a stand-in for his real-life hometown of Wharton, in 1987, Dividing the Estate tells the often hilarious story of an extended family in conflict over what should be done with its extensive property holdings. Ashley plays the matriarch, with Foote, Devon Abner her real-life husband and McRaney as her bickering children. The cast also includes Penny Fuller, Arthur French, Penny Fuller, James DeMarse, Pat Bowie, Virginia Kull, Maggie Lacey, Nicole Lowrance, Jenny Dare Paulin and Keiana Richard.
Foote has enjoyed a number of well-reviewed off-Broadway productions in recent years, including The Day Emily Married and When They Speak of Rita at Primary Stages, The Trip to Bountiful at Signature Theater, and The Traveling Lady at Ensemble Studio Theatre. Lincoln Center Theater produced his play The Carpetbagger's Children in 2002. As a screenwriter, Foote won Academy Awards for To Kill a Mockingbird and Tender Mercies.
Perhaps anticipating the runaway success of its current revival of South Pacific, Lincoln Center Theater had announced in March that Dividing the Estate would be produced at a Shubert Broadway house. The company most recently used the Booth for its revival of Edward Albee's Seascape in 2005.