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What is a high-asset divorce in New York?

Divorce is a complicated matter, especially when you are dealing with a high-asset divorce in New York. Divorce can hit couples of all ages and marriage lengths, it just happens when couples decide the time is right. High-asset divorce can be difficult for couples to understand, but not impossible.

The most common divorce cases involve the two parties discussing the custody of the children, alimony, child support payments, division of marital assets and more. High-asset divorce cases involve trusts, investment accounts, stocks, inheritances, bonds, gifts and other items of high value.

Other items that can contribute to a high-asset divorce include the following:

- Savings accounts

- 401(k) accounts

- Deferred compensation

- Offshore accounts

- Royalties

- Joint business ownership

- Real estate

- Pensions

- Hidden assets

- Executive bonuses

- Commingled assets

Even the most complicated of high-asset divorces are not always suited for divorce court. The reason for this is that the outcome might not be the best financially for you or your spouse. If you and your spouse are divorcing amicably, it is likely you will want the best for each other. If this is the case, you might be able to settle the high-asset divorce out of court.

Another option for completing your high-asset divorce out of court is through mediation. A mediator assigned to your case cannot be the lawyer for either party and cannot have any stake in the divorce. The mediator can only listen to both parties involved and help them move towards an agreement.

Collaborative law is yet another option for settling your high-asset divorce out of court. It is different from mediation because the lawyers involved collaboratively select third party experts to help the couple come to an agreement on the divorce terms. Multiple meetings between the divorcing parties, their attorneys and the third party experts that will be used for conversation and negotiation to reach an agreement.

High-asset divorce is complicated. Know your rights prior to filing for divorce if you have assets of high value in your marriage.

Source: FindLaw, "Complex Divorce Cases," accessed March 10, 2017

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