We are a texting firm. To hear back from a licensed attorney faster, text us.
Free consultations and case assessments are available by appointment. Off-hours and weekend appointments are available.
We are a texting firm. To hear back from a licensed attorney faster, text us.
Law Office of Richard Roman Shum, Esq., PLLC.
Divorcing in Manhattan as a high-net-worth individual brings unique challenges that can go far beyond the typical divorce. With significant assets at stake, ranging from investment portfolios and real estate to businesses and luxury property, your financial future and your family’s well-being are closely tied to how these proceedings unfold. The stakes are high, and so is the need for thoughtful, strategic guidance tailored to your priorities.
At the Law Office of Richard Roman Shum, Esq., we understand the importance of protecting what matters most to you. Our skilled Manhattan high-asset divorce lawyer can guide you through every step of the process, helping you make informed decisions about your finances, property, and family. Whether it’s advocating for a fair division of assets, structuring alimony agreements, or safeguarding your privacy, we’re here to protect your rights and your family’s best interests.
Your future matters. Let’s work together to create a resolution that reflects your goals and safeguards what you’ve worked so hard to build.
Call us at (646) 259-3416 today to schedule a consultation and learn more about how our experienced Manhattan divorce lawyer can help you.
“In both cases attorney Shum was great to work with. Navigating both of these situations was, at times, confusing. Attorney Shum made the details of both matters easy for me to comprehend.”
Schedule a Free Consultation
Looking For Experienced Attorney?
We are a texting firm. To hear back from a licensed attorney faster, text us.
High-asset divorces in Manhattan stand apart due to their financial stakes, lifestyle intricacies, and the legal considerations required to protect significant wealth. When you’re dealing with substantial assets, it’s essential to approach the process carefully to protect what matters most to you.
High-asset divorce is more than just separating from your spouse. These cases typically include:
To protect your financial future, it’s essential to distinguish between marital property (assets acquired during the marriage) and separate property (assets owned before the marriage or acquired individually through inheritance or gifts). New York follows equitable distribution laws, which means property is divided fairly, though not necessarily equally. A clear, accurate valuation of assets is the foundation of a fair outcome.
Manhattan’s high-end lifestyle adds a layer of complexity to divorce proceedings. You may need to address matters that don’t arise in most divorces. For example:
These challenges can lead to prolonged negotiations or litigation, making it even more important to approach the process with the right legal guidance and strategy.
Divorce doesn’t have to jeopardize your future. At the Law Office of Richard Roman Shum, Esq., we’re committed to helping clients protect their assets, lifestyle, and peace of mind. Let us handle the legal details so you can focus on moving forward confidently.
Call (646) 259-3416 today to schedule a free consultation, and let’s discuss how we can help you secure the outcome you deserve.
We Are Here to Help You
Fighting against the legal system can be terrifying, but with Richard Shum, you never have to fight alone.
Richard Shum, a lifelong New Yorker and proud resident of Manhattan’s Lower East Side, has dedicated his legal career to helping individuals safeguard their financial futures and protect their families during divorce proceedings. Growing up in one of the city’s most diverse neighborhoods has shaped his deep appreciation for the unique challenges that high-asset divorces present. As a father, he understands the importance of creating pragmatic, results-driven strategies that prioritize both your family’s well-being and your financial interests.
With over 15 years of experience, Mr. Shum is known for his calm, focused demeanor and his ability to craft tailored legal solutions for complex high-asset cases. He works closely with his clients to handle intricate matters such as property division, business valuations, alimony, and asset protection. His goal is to deliver efficient, fair resolutions while protecting what matters most to you. In every case, Richard Shum combines compassion with a sharp, detail-oriented approach to achieve the best possible outcome for families.
New York’s equitable distribution laws add another layer of responsibility in high-net-worth cases, requiring fairness in how property is divided. Parties in a divorce should adopt a meticulous approach when it comes to accounting for and distributing marital property.
One of the first steps in dividing property is determining what belongs to the marriage and what doesn’t. This distinction is critical because only marital property is subject to division. In New York:
However, the line between marital and separate property can blur. For example, if you commingled funds (e.g., used separate funds to purchase a marital home), the court may view those assets as marital property. This can significantly impact how your assets are divided, making it essential to clarify what’s truly yours.
High-asset divorces often involve assets that are difficult to appraise. Businesses, real estate, and investment portfolios don’t come with simple price tags, and their worth can fluctuate depending on market conditions. Key considerations include:
Accurate valuations are crucial. Working with financial professionals, appraisers, and forensic accountants can help ensure no asset is undervalued or overlooked.
In high-net-worth divorces, it’s not uncommon for one spouse to attempt to hide assets. This could involve offshore accounts, undisclosed investments, or transferring funds to family or friends. Identifying hidden assets is critical to achieving a fair division. Financial experts can trace hidden accounts, transfers, or discrepancies in reported income. Additionally, offshore accounts can be challenging to uncover without professional assistance.
New York courts take asset disclosure seriously. As part of the divorce process, both parties are required to provide a Statement of Net Worth, listing all assets and liabilities. Failing to disclose assets can lead to significant legal consequences.
Getting a divorce in an equitable distribution state means that your marital property would be subjected to a fair, but not necessarily equal, distribution. Several factors influence how property is divided, including:
Fairness doesn’t always mean a 50/50 split. The court looks at the unique details of your marriage and finances to determine what’s fair in your specific case.
Dividing marital property in a high-asset divorce is about more than just numbers; it’s about ensuring a fair division and protecting you and your family’s future. At the Law Office of Richard Roman Shum, Esq., we can help you address these concerns with precision and care.
Call us today at (646) 259-3416 to schedule a free consultation.
“Attorney Richard Shum assisted my family and I with a very difficult landlord. At a time of a lot of concern and uncertainty, Mr. Shum was there for us every inch of the way, his confidence and vast knowledge of the law, together with his passion for it and for helping people, provided us the serenity to go on about our life, while he took care of they daunting matter. At the end we reached an agreement only Atterney Shum could achieve. Since I recommended his service to any friends that is in need of help with legal matters, from Landlord/Tenant to family court, and in every case I receive a thank you call from said friends, following the successful outcome he provided. So, as I say to my friends, if you need an Attorney that will fight for you, and not stress you out, call this guy. you will thank me.”
Schedule a Free Consultation
When one spouse has a much higher income or earning capacity, support payments help maintain financial stability for the other party after the marriage ends. These cases can be more intricate in Manhattan because of the high incomes and significant assets involved. The court considers specific factors in determining how much and for how long to award spousal support or maintenance.
Alimony decisions in high-income divorces go beyond simple formulas, as New York courts carefully evaluate multiple factors to determine the amount and duration of support. These cases often hinge on the income disparity between spouses, with the higher-earning spouse potentially required to provide support to help the other maintain a comparable standard of living. Longer marriages typically lead to more substantial or extended alimony awards, and the recipient’s financial needs, such as housing, everyday expenses, or education and job training, also play a vital role.
More consideration can be given when determining spousal maintenance in high-income divorces due to the luxurious lifestyle maintained during the marriage. Payments may reflect this, but the court also considers what is fair and reasonable, balancing the supporting spouse’s obligations and financial capabilities.
As with the distribution of marital property, the court also weighs key factors such as contributions to the marriage, which extend beyond financial support. A spouse who paused their career to raise children or support the other’s professional growth may be entitled to greater support. Age and health are also significant; older spouses or those with medical concerns may receive higher payments to address their needs. Additionally, earning potential is closely examined, as the court assesses each spouse’s skills, education, and ability to generate income.
For high-net-worth individuals, unique elements like investments, business income, and luxury expenses are often part of the equation, requiring thoughtful consideration to achieve a fair and balanced outcome.
Life changes, and so can alimony. If you’re paying or receiving spousal support, there may come a time when the original agreement no longer fits your circumstances. New York law allows for modifications, but you’ll need to prove a substantial change in circumstances.
For example:
It’s important to handle these modifications through the legal process, as failing to honor the original agreement without court approval can lead to serious penalties.
Alimony in high-net-worth divorces requires a thoughtful and strategic approach. Don’t leave your financial future to chance. At the Law Office of Richard Roman Shum, Esq., we work with you to secure fair and sustainable spousal support arrangements that meet your unique needs.
Call (646) 259-3416 today to schedule a consultation.
When divorce involves a high-income family, child custody and support decisions can quickly become complicated. These cases require thoughtful consideration of your child’s well-being, their lifestyle, and the financial realities that come with a high-net-worth household. New York courts prioritize what’s in your child’s best interests while also addressing the unique challenges that wealth can bring to these decisions.
Child custody decisions are deeply personal, and for high-income families, they often involve unique circumstances. Particular factors weigh into what arrangement works best for your child.
In some cases, custody disputes may involve maintaining your child’s access to the privileges they’ve enjoyed during the marriage. The court’s goal is always to create a custody arrangement that supports their emotional and physical well-being.
Child support in high-net-worth cases is different from standard cases. New York has guidelines for calculating child support, but when parental income exceeds the state’s cap ($183,000 effective as of March 1, 2024 until 2026), the court uses discretion to determine additional amounts.
Ultimately, the court’s decision is based on what is reasonable and in your child’s best interests, but it also balances fairness for both parents.
For high-net-worth families, privacy is often a top concern during custody and support disputes. The public nature of court proceedings can make it difficult to keep sensitive financial and personal details out of the spotlight.
Taking steps to safeguard your family’s privacy not only protects your reputation but also helps shield your child from unnecessary stress.
Our team at the Law Office of Richard Roman Shum, Esq. is here to guide you through the process and protect what matters most, your family.
Contact us today at (646) 259-3416 to schedule a confidential, complimentary consultation. Let’s work together to create the best possible outcome for you and your child.
| Approach | Key Features | Considerations |
|---|---|---|
| Litigation | Formal process where a judge makes the final decisions; provides a structured environment and legal protections. | Time-consuming; often becomes public; may be necessary if spouses cannot agree on asset division, alimony, or custody. |
| Mediation | Neutral third party helps spouses work toward agreements; often faster; less expensive; allows more control over the outcome; keeps discussions private. | Best suited when both parties can collaborate; privacy is beneficial for high-profile individuals. |
If you own a business, its future may feel uncertain during divorce proceedings. In New York, businesses are often treated as marital property, especially if they were established or grew significantly during the marriage. Protecting your business while addressing your spouse’s financial rights requires careful planning and a clear understanding of the legal and financial landscape. Let’s explore how businesses are evaluated, divided, and kept running during a high-net-worth divorce.
Before a business can be addressed in a divorce settlement, its value must be determined. This process can be detailed and involves assessing various factors to arrive at a fair valuation.
In many cases, a forensic accountant or business appraiser is brought in to conduct this analysis. The valuation serves as the foundation for deciding how the business will be handled in the divorce.
For closely held businesses, the division process can be particularly challenging. Unlike publicly traded companies, these businesses often have unique structures, making it difficult to simply split ownership.
The court aims to balance fairness for both parties while considering the business’s viability moving forward.
Divorce can be disruptive to your business, but there are steps you can take to minimize its impact and keep operations running smoothly.
Preserving the stability of your business is not just about protecting assets; it’s protecting your hard work, vision, and legacy. At the Law Office of Richard Roman Shum, Esq., we help you protect what you’ve built while addressing legal and financial concerns during your divorce. Schedule a free consultation today.
Disputes in high-asset divorces can be emotionally and financially draining, especially when significant property, businesses, or investments are at stake. How you approach resolving these issues can greatly affect the outcome. Whether you want to minimize conflict or need to protect your interests in court, it’s important to choose the right method for your situation.
When a high-asset divorce involves disagreements, you have two primary paths: litigation or mediation. Each approach has its own advantages, depending on your goals and circumstances.
The right choice depends on your relationship dynamics, the complexity of your finances, and how much control you want over the outcome.
If you and your spouse want to avoid the courtroom but still need a structured approach, collaborative divorce could be the answer. In this process, both parties agree to resolve disputes through negotiation with the help of attorneys and other professionals, such as financial advisors or child specialists.
Collaborative divorce gives you more flexibility and privacy compared to litigation, making it a valuable option for high-net-worth couples.
Every high-asset divorce is unique, and resolving disputes requires a thoughtful strategy that aligns with your priorities. At the Law Office of Richard Roman Shum, Esq., we help you explore your options for litigation, mediation, or collaborative divorce while protecting your privacy and assets.
Contact us today at (646) 259-3416 for a free consultation, and let’s work together to achieve a resolution that works for you.
“I was very impressed with how astute, detail oriented and methodical Richard is with his work. He is experienced, technically proficient, highly effective and an excellent negotiator, who is proactive and knows the law inside and out. Richard kept me informed regularly and was responsive to all my requests and queries. All the traits that any good lawyer worth his salt should possess.”
Schedule a Free Consultation
We are a texting firm. To hear back from a licensed attorney faster, text us.
Get In Touch With Us
Free Consultations and Case Assessments Are Available by Appointment. Off-Hours and Weekend Appointments Are Available.
Every decision, from splitting investments to structuring alimony, can have an impact on your financial future. In a Manhattan divorce, it’s crucial to address tax issues carefully to avoid surprises later.
While fairness is important in dividing property and investments, it’s just as important to consider the tax consequences of those decisions. Some assets may seem equal on paper but come with vastly different tax obligations.
Careful planning and accurate valuation are key to dividing assets in a way that minimizes your tax burden and protects your financial interests.
High-net-worth individuals often face significant tax liabilities related to assets like real estate, businesses, or investments. Dividing these assets during a divorce can trigger capital gains taxes or other unexpected costs.
Addressing these liabilities upfront allows you to avoid financial pitfalls and focus on your post-divorce plans.
Considering the tax implications of a divorce can be difficult, especially while juggling the other aspects of a divorce. Our Manhattan high-asset divorce lawyer at the Law Office of Richard Roman Shum, Esq., can work with you to protect your financial interests during this critical time. Get the experienced legal assistance you deserve today.
Going through a divorce is one of the most difficult parts of a person’s life, further amplified when significant assets and your family’s future are on the line. Having the right attorney by your side can make all the difference. At the Law Office of Richard Roman Shum, Esq., we work with you to address every aspect of your divorce, from the division of marital property to ensuring your children’s well-being.
With a clear focus on your goals, we help you make informed decisions and advocate for what matters most to you. Call us today at (646) 259-3416 to schedule a consultation, and let’s start building a strategy to protect your rights, your family, and your future.
“Most kind and professional lawyer. A true gift. He saved me from the brutal claw of my management company and saved me a lot of money and pain.”
