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What property division issues come up in a high asset divorce?

There are a multitude of issues that come up in any given divorce case, but property division is oftentimes one of the most contentious for a divorcing couple to address. Why? Well, when it comes to dividing assets and the financial impact that process can have on the couple, there are some long-term results that both parties often try to get the best of each other on. In a high asset divorce, property division can be even more impactful.

So, what property division issues are likely to come up in a high asset divorce that could complicate the parties' efforts to resolve the divorce? For starters, there is the process of disclosing all assets to each other, which can be quite a process if there is a long list of assets, funds, accounts, real estate holdings and even artwork that will be a part of the division of assets. Debts are also included in the property division process, so outstanding debt will also need to be accounted for. In high asset divorces, both assets and debts can be in the hundreds of thousands, if not millions, of dollars.

Separate property will need to be distinguished from marital property. While separate property is property that each party may have owned prior to the marriage, marital property includes all joint purchases and assets the couple owned together, for the most part.

In New York, unless the divorcing couple reaches an out-of-court agreement, a family law judge will determine an equitable division of assets and debts. Our readers should be mindful that this does not mean that assets and debts will be divided "right down the middle" or "50/50" but, instead, the judge will determine what a fair division looks like.

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