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Asset division becomes more complicated in high asset marriages

New Jersey residents may have heard about Michael Moore's high-profile divorce case with his wife of 23 years. The couple is due in court in July to start reviewing business assets and marital property. According to reports, they currently have several million dollars in combined assets.

Court documents show that Moore is expected to bring in two key witnesses who will attest to losses Moore claims to have suffered. It is believed that these agents will testify that Moore's wife spent a large percentage of their funds on a mansion that sits on Torch Lake in Michigan, supposedly harming Moore's reputation. The couple reportedly shares eight pieces of property including said mansion and a Manhattan condominium.

When dividing marital property, both parties are free to bring in witnesses to help them make their case. Information regarding spending habits of each partner may be taken into account when determining if one person has benefited at the other person's expense.

Trying to sort through millions of dollars' worth of assets can make any divorce more complicated, but it is not an impossible task. If one party suspects that the other is hiding assets, a forensic accountant may be employed to review the financial information and check for any discrepancies. In the case of spending habits that may have led to the marital problems, witnesses may be interviewed to see if there is any truth to the claims. In this particular situation, the courts may also want to see evidence through the financial records.

Source: Fox News, "Director Michael Moore enmeshed in vicious divorce", June 08, 2014

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