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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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High-asset divorce: Tips for dividing property

| Sep 1, 2020 | Divorce

It’s no secret that ending a long-term marriage can get messy. Couples who have been married for a number of years usually have acquired many assets and marital possessions. However, spouses in New York who decide to divorce often want to avoid getting tangled in a lengthy and contentious court battle. Here are a few tips on dividing property in a high-asset divorce.

Avoid fighting over small things. Paintings, art or other items may have emotional meaning to one spouse and he or she may feel they deserve the item(s). However, judges will not take emotional meaning into account and will divide property according to state laws, regardless of wishes. Also, never attempt to hide marital assets or property as this is against the law.

Without question, there will be some sticky situations that pop up when dividing property during a high-asset divorce. Many times, spouses are able to come to an agreement and won’t require mediation. However, it can be worth the expense and very beneficial to hire a mediator to help work through any difficulties before the courts become involved.

Although it may be difficult, cooperation is crucial when dividing marital property. Just remember, never try to hide assets and don’t sweat the small stuff. Spouses always benefit from working together. Those in New York who are anticipating a high-asset divorce may want to consider discussions with a legal representative. A seasoned litigator can answer questions and provide much-needed legal guidance.

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