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Cyrus divorce underway

Many parents are familiar with former Disney Channel star Miley Cyrus. With popular songs on the radio and a television show that includes her father, all appeared great for the young pop star. However, no family, even Cyrus', is without its issues.

Recently, Cyrus' parents, Trish and Billy Ray Cyrus, filed for a divorce. The couple has stated that there are "irreconcilable differences" in their marriage. The family has made statements that they are hoping to move forward with their family's best interests in mind. Cyrus' parents faced a divorce in 2010, but her father later changed his mind and dropped the divorce proceedings.

When a couple in the spotlight goes through a divorce there are often a lot of complex issues at stake. Some of the biggest questions come about because of the amount of assets involved in such a divorce. There are often many possessions and some couples may have a difficult time with property division. Because of these complexities, it is important for all high asset divorces to move forward as efficiently as possible.

In a divorce, property division is typically handled in two different ways. The state of Massachusetts is a state that follows equitable distribution of the property. This means that both sides will argue their case and a judge will come to the decision of what is equal. Several other states instead look at all of the assets as community property and equally divide the possessions in two.

All states recognize a difference between community property and non-community property. Non-community property is considered to be everything that was brought into the marriage, such as inheritances and gifts. Community property, on the other hand, is property that was acquired during the marriage. Either way, there can be many complexities in high asset divorces.

Source: New York Daily News, "Billy Ray Cyrus, Trish Cyrus split: Celebrity break-ups," Paul Buck, June 14, 2013