New York advertising mogul and former host of CNBC’s “The Big Idea” Donny Deutsch has reportedly been named in a Long Island divorce petition as a “third party” to the marriage – in other words, Deutsch is accused of being the “other man.”

Prominent hedge-fund manager Andrew Sandler allegedly hired a private investigator to tail his wife Lisa several weeks ago. Sources say that the p.i. caught Lisa and Deutsch kissing on camera. Andrew Sandler is represented in the divorce by Stephen Gassman, prominent New York family law attorney. Gassman previously represented Victoria Gotti, daughter of mafia don John Gotti, in her divorce from Carmine Agnello.

The alleged relationship between Lisa Sandler and Deutsch is relevant to the Sandler divorce filing for several reasons. First, it could have an impact on the property distribution. It is unknown whether the couple signed a prenuptial agreement before their marriage but many prenups have adultery clauses which would affect a financial award to the cheating spouse. Even if there is no prenup, New York is not a community property state. Instead, property is handled by equitable distribution. In the absence of a prenuptial agreement or a settlement agreement, a judge will divide the marital property in a fair and just manner.

Because the Sandler’s court records have been sealed, we don’t yet know if the divorce has been sought on no-fault grounds or on at-fault grounds. New York allows no-fault divorces only where the parties have lived separately for at least one year. And at-fault grounds include adultery, cruelty, abandonment for more than a year or imprisonment of one of the parties for more than three years. So, it’s easy to assume that adultery has been used as grounds for the immediate filing of this divorce.

Deutsch has some interesting experience in the family law arena already. He was married to wife Stacy Josloff in 2001, and they split in 2005. Last year, he had a daughter with real estate broker Amanda Zacharia, an ex-girlfriend. Sources said at the time that the pregnancy was planned although the romantic relationship had fizzled long beforehand.