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.
If you’re facing a high-asset divorce in Manhattan, you’re tackling one of the most financially complex legal processes. Your investment portfolios, real estate holdings, business interests, and your family’s future are all at stake. But you have options. New York courts must divide property fairly, protect children’s interests, and consider both spouses’ contributions. Understanding these principles can help you make informed decisions about your wealth and your family.
At the Law Office of Richard Roman Shum, Esq., Manhattan divorce lawyer Richard Roman Shum has guided clients through complex divorces for over 15 years. Our high-asset divorce attorney in New York understands the unique challenges of high-net-worth cases in Manhattan, from valuing closely-held businesses to protecting inheritances and negotiating spousal support. We work with forensic accountants, business appraisers, and tax advisors to ensure accurate asset valuations and fair outcomes.
This guide explains what qualifies as a high-asset divorce, how New York courts divide complex property, how to protect business interests, what happens with spousal support and child custody, and your options for resolving disputes. Call (646) 259-3416 to schedule a consultation at our Lower East Side office.
“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 typically involve $1 million or more in marital assets. These cases require specialized legal and financial experience because of the complexity and value of the property at stake. In Manhattan, high-asset divorces often include:
What makes Manhattan cases distinct is the concentration of wealth tied to Wall Street careers, professional practices, real estate portfolios, and entrepreneurial ventures. Many couples own multiple properties, hold complex investment vehicles, or have business interests that require careful valuation. New York Domestic Relations Law governs how these assets are classified and divided.
Key Takeaway: High-asset divorces in Manhattan involve $1 million or more in complex assets. These cases require specialized legal expertise and often involve forensic accountants and business appraisers to value property accurately.
Contact Richard Roman Shum at (646) 259-3416 to discuss how your assets may be classified and divided under New York law.
We Are Here to Help You
Fighting against the legal system can be terrifying, but with Richard Shum, you never have to fight alone.
New York follows equitable distribution, which means marital property is divided fairly, though not necessarily equally. The first step is distinguishing marital property from separate property.
Marital property includes assets acquired during the marriage, regardless of whose name is on the title. Separate property includes assets owned before marriage, inheritances received individually, and gifts given to one spouse. However, separate property can become marital property through commingling or when separate assets increase in value due to the other spouse’s contributions.
| Marital Property (Subject to Division) | Separate Property (Not Divided) |
|---|---|
| Income earned during marriage | Property owned before marriage |
| Real estate purchased during marriage | Inheritance received individually |
| Retirement accounts accrued during marriage | Gifts received individually |
| Business appreciation during marriage | Personal injury settlements (non-economic) |
| Investment gains during marriage | Property designated separate in prenup |
High-asset cases require accurate valuations of luxury real estate, business interests, investment portfolios, and retirement accounts. Manhattan properties often need specialized appraisals because co-op boards, market conditions, and location significantly affect value. Businesses require forensic accountants to review financial statements, assess cash flow, and determine fair market value. Investment portfolios must be evaluated at the time of divorce, accounting for tax consequences and liquidity.
The New York County Supreme Court considers multiple factors when dividing property. These include the length of the marriage, each spouse’s income and future earning potential, contributions to the marriage (financial and non-financial), age and health, childcare responsibilities, and any wasteful spending by either spouse.
A spouse who stayed home to raise children or supported the other’s career may receive a larger share. Equitable division does not mean 50/50, and the court has discretion to award different percentages based on what it considers fair under the circumstances.
Key Takeaway: New York divides marital property equitably, meaning fairly rather than equally. Courts consider marriage length, income, contributions, and other factors. Accurate asset valuation is essential, especially for complex holdings like businesses, real estate, and investments.
Richard Roman Shum handles complex property division matters throughout Manhattan. Call (646) 259-3416 to discuss how your assets may be divided.
Some spouses attempt to hide assets to avoid fair division. Common tactics include transferring funds to offshore accounts, creating shell corporations, undervaluing businesses, moving money to friends or family members, or claiming false debts. These strategies violate New York law and can lead to serious consequences.
Forensic accountants can uncover hidden assets by analyzing financial records, bank statements, tax returns, and business documents. They look for unusual transactions, undisclosed accounts, lifestyle expenses that don’t match reported income, and transfers to third parties. Courts can order full financial disclosure, and spouses who hide assets may face contempt charges, sanctions, and unfavorable property divisions.
New York courts take asset concealment seriously. If you suspect your spouse is hiding wealth, document any suspicious financial activity and work with an attorney who can coordinate with forensic experts. The court may award you a larger share of marital property or order your spouse to pay your attorney fees if hiding is proven.
Key Takeaway: Hiding assets violates New York law and can result in contempt charges, sanctions, and an unfavorable division of property. Forensic accountants can trace hidden funds through bank records, business documents, and lifestyle analysis.
If you believe your spouse is concealing assets, contact Richard Roman Shum at (646) 259-3416 for guidance on protecting your rights.
“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
Spousal support, also called maintenance, helps the lower-earning spouse maintain financial stability after divorce. New York Domestic Relations Law § 236 provides guidelines for calculating maintenance, but high-income cases often exceed those caps.
Courts evaluate the length of the marriage, income disparity between spouses, the standard of living during marriage, each spouse’s age and health, earning capacity, contributions to the other’s career, and childcare responsibilities. A spouse who paused a career to raise children or support the other’s professional advancement may receive higher support. Maintenance can be temporary (during divorce proceedings) or post-divorce (after the final judgment).
New York’s statutory guidelines apply to combined incomes up to $228,000 (as of 2024). For high-income cases, courts have discretion to award additional maintenance based on the factors listed above. Manhattan cases often involve spouses with incomes well above the cap, requiring careful analysis of lifestyle expenses, tax implications, and each party’s financial needs.
Key Takeaway: Spousal support in New York depends on marriage length, income disparity, and standard of living. High-income cases exceed statutory guidelines, giving courts discretion to award amounts based on individual circumstances.
Richard Roman Shum can help you understand potential maintenance obligations or entitlements. Call (646) 259-3416 for a consultation.
New York courts decide custody based on the child’s best interests.
Wealth does not guarantee custody, but it affects factors like each parent’s ability to provide a stable home, access to quality education and healthcare, and resources for extracurricular activities. Manhattan Family Court evaluates each parent’s involvement in the child’s life, emotional bonds, living arrangements, and ability to meet the child’s needs.
High-net-worth cases sometimes involve disputes over private school tuition, international travel, nanny services, and access to family vacation properties. Courts focus on stability and the child’s emotional well-being rather than which parent has more money.
New York’s child support guidelines apply to combined parental income up to $183,000 (as of March 2024). For high-income families, courts can order additional support to maintain the child’s standard of living. This may include private school tuition, tutors, sports and arts programs, summer camps, healthcare beyond basic coverage, and travel expenses. Courts consider what the child experienced during the marriage when determining additional support amounts.
Key Takeaway: Child custody depends on the child’s best interests, not wealth. Child support for high-income families extends beyond statutory guidelines to maintain the child’s accustomed lifestyle, including private education, extracurriculars, and healthcare.
Richard Roman Shum advocates for fair custody and support arrangements that prioritize children’s needs. Contact our Manhattan office at (646) 259-3416.
Richard Roman Shum is a lifelong New Yorker and proud resident of Manhattan’s Lower East Side. He has practiced family law for over 15 years, guiding clients through complex divorces involving substantial assets, business interests, and family wealth. As a father, he understands the importance of protecting children’s interests during difficult transitions.
Richard Roman Shum is known for his calm, focused demeanor and detail-oriented approach. He creates comprehensive legal strategies that address both immediate concerns and long-term financial goals. His pragmatic, powerful approach honors Manhattan’s diversity and ensures each client receives personalized representation. He is admitted to practice in New York State courts.
When one or both spouses own a business, determining its value is critical. Businesses acquired or appreciated during marriage are marital property subject to division. Valuation methods include the income approach (based on future earnings), market approach (comparable sales), and asset-based approach (company assets minus liabilities). Forensic accountants review financial statements, assess cash flow, evaluate goodwill, and determine fair market value.
Active vs. passive appreciation matters. If a business increased in value because of one spouse’s efforts during marriage, that appreciation is marital property. If the business grew passively without spousal contribution, it may remain separate property.
Courts can order several remedies. One spouse may buy out the other’s interest, allowing them to retain full ownership. Courts can order revenue sharing, where the non-owner spouse receives a percentage of future profits. In rare cases, courts may order the business sold and the proceeds divided. Many couples negotiate settlements where one spouse keeps the business in exchange for other assets (real estate, investments, or retirement accounts).
Protecting business operations during divorce requires careful planning. Avoid commingling business and personal funds, maintain accurate financial records, and document your role in the business’s growth.
Key Takeaway: Businesses are valued using income, market, or asset-based approaches. Options for division include buyouts, revenue sharing, or offsetting with other assets. Accurate valuation and clear documentation protect your business interests.
Richard Roman Shum works with business appraisers and forensic accountants to protect your Manhattan business. Call (646) 259-3416 for guidance.
Property transfers between spouses during divorce are generally tax-free under 26 U.S. Code § 1041. However, selling assets to divide proceeds can trigger capital gains taxes. Manhattan real estate transactions may result in significant tax liabilities if properties have appreciated substantially.
Retirement accounts require special handling. A Qualified Domestic Relations Order (QDRO) allows tax-free division of 401(k)s, pensions, and other qualified plans. Without a QDRO, withdrawals are treated as taxable distributions subject to penalties. Investment portfolios must be evaluated for embedded tax liabilities, as selling appreciated stocks or bonds creates capital gains.
Under federal tax law, alimony/maintenance under divorce instruments executed after Dec. 31, 2018, is generally not deductible by the payer and not taxable to the recipient; older agreements may be treated differently. Estate planning also becomes important, as divorce affects beneficiary designations, trusts, and inheritance plans.
Key Takeaway: Property transfers during divorce are generally tax-free, but selling assets can trigger capital gains taxes. Retirement accounts need QDROs to avoid penalties. Spousal support is no longer tax-deductible or taxable under federal law.
Work with Richard Roman Shum to address tax implications in your Manhattan divorce. Call (646) 259-3416 to schedule a consultation.
“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.”
Get In Touch With Us
Free Consultations and Case Assessments Are Available by Appointment. Off-Hours and Weekend Appointments Are Available.
Schedule a Free Consultation
Prenuptial agreements are generally enforceable in New York if they meet statutory requirements. Both parties must voluntarily sign, provide full financial disclosure, and have the agreement reviewed by independent counsel. Courts can set aside prenups that are unconscionable, signed under duress, or based on incomplete disclosure.
Grounds for challenging prenuptial agreements include evidence of coercion or pressure to sign, failure to disclose assets or debts, lack of independent legal representation, or terms that are extremely one-sided. Courts scrutinize prenups signed shortly before the wedding, as timing can indicate duress.
Postnuptial agreements, created after marriage, face stricter scrutiny because spouses have confidential relationships. These agreements must show full transparency, independent counsel, and fairness to both parties.
Key Takeaway: Prenuptial agreements are enforceable in New York if both parties had independent counsel, provided full disclosure, and signed voluntarily. Courts can invalidate unconscionable agreements or those signed under duress.
Richard Roman Shum reviews and challenges prenuptial agreements when appropriate. Contact our office at (646) 259-3416.
Richard Roman Shum serves high-net-worth clients throughout Manhattan and the surrounding areas. Our Lower East Side office provides convenient access to clients in neighborhoods including:
We also represent clients throughout Brooklyn, Queens, the Bronx, and Staten Island.
Our practice focuses on complex divorce matters involving substantial assets, business interests, and family wealth. We handle cases at New York County Supreme Court and Manhattan Family Court, providing skilled representation whether your case proceeds through mediation, negotiation, or litigation.
High-asset divorce affects your financial security, business interests, and your family’s future. These cases require attorneys who understand complex valuations, tax implications, and strategies for protecting wealth. You deserve clear guidance and experienced representation.
Richard Roman Shum has represented Manhattan clients in complex divorces for over 15 years. At the Law Office of Richard Roman Shum, Esq., our high-asset divorce attorneys work with forensic accountants, business appraisers, and tax advisors to ensure accurate asset valuations and fair outcomes. We handle cases at New York County Supreme Court and Manhattan Family Court, protecting your rights whether your case is resolved through negotiation or litigation.
Call Law Office of Richard Roman Shum, Esq. at (646) 259-3416 to schedule a consultation. Our office is located at 20 Clinton St FRNT 5D, New York, NY 10002, in the Lower East Side. We serve clients throughout Manhattan, Brooklyn, Queens, the Bronx, and Staten Island.
“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.”
A high-asset divorce typically involves $1 million or more in marital assets. These cases include luxury real estate, investment portfolios, business ownership, stock options, retirement accounts, trusts, inheritances, and valuable personal property. Manhattan cases often involve complex financial instruments and multiple properties requiring specialized valuation expertise. The classification affects how attorneys approach property division, spousal support, and dispute resolution.
New York follows equitable distribution, which means property is divided fairly rather than equally. Courts consider marriage length, income, contributions (financial and non-financial), age, health, and other factors. Marital property includes assets acquired during marriage, while separate property includes assets owned before marriage, inheritances, and individual gifts. Equitable division may result in unequal splits when courts determine that fairness requires it based on the circumstances.
Businesses are valued using three main approaches. The income approach projects future earnings and cash flow. The market approach compares the business to similar companies that have sold recently. The asset-based approach calculates company assets minus liabilities. Forensic accountants review financial statements, assess goodwill, and determine fair market value. Active appreciation (value increase due to one spouse’s efforts) is marital property, while passive growth may remain separate property.
Forensic accountants trace income, assets, and financial transactions to ensure accurate disclosure. They analyze tax returns, bank statements, business records, and lifestyle expenses to uncover hidden assets. They value businesses, investment portfolios, and complex financial instruments. In high-asset cases, forensic accountants work with attorneys to identify discrepancies, assess financial claims, and provide expert testimony about valuations and financial behavior.
Costs depend on case complexity, attorney fees, expert fees (forensic accountants, appraisers), and whether the case settles or goes to trial. High-asset divorces often require multiple experts, extensive discovery, and months or years of negotiation. Attorney fees in Manhattan can range from several thousand to hundreds of thousands of dollars. Cases resolved through mediation or collaborative divorce typically cost less than litigation. Accurate initial disclosure and cooperation can reduce overall expenses.
High-asset divorces typically take longer than standard cases because of valuation complexity. Simple, uncontested cases may resolve in several months. Complex contested cases involving business valuations, hidden assets, or custody disputes can take one to three years or longer. Timeline depends on cooperation between parties, court schedules, discovery needs, and negotiation progress. Mediation or collaborative divorce may resolve faster than traditional litigation.
Attempting to hide assets is illegal and can result in contempt charges, sanctions, and unfavorable property divisions. Common hiding tactics include offshore accounts, shell corporations, undervalued businesses, transfers to friends or family, and false debts. Forensic accountants can discover hidden assets through financial analysis. Courts may award the other spouse a larger share of marital property, order payment of attorney fees, or impose criminal penalties for perjury.
Prenuptial agreements protect separate property, clarify asset division, and reduce conflict if divorce occurs. They are particularly valuable for individuals with substantial pre-marital assets, business ownership, inherited wealth, children from prior relationships, or significant income disparity. Prenups must meet New York legal requirements: voluntary signing, full financial disclosure, independent counsel, and fair terms. They cannot waive child support or decide custody matters.
New York provides statutory guidelines for combined incomes up to $228,000 (as of 2024). For high-income cases, courts have discretion to award additional maintenance based on standard of living during marriage, income disparity, marriage length, contributions to the other’s career, age, health, and earning capacity. Courts consider lifestyle expenses, tax implications, and each spouse’s financial needs. Maintenance can be temporary or post-divorce, depending on circumstances.
Stock options and restricted stock units (RSUs) are marital property if earned during marriage. Valuation depends on whether they are vested, when they were granted, and market conditions. Courts may divide unvested options using formulas that account for time worked during marriage versus total vesting period. Tax implications are significant because exercising options or selling RSUs triggers income or capital gains taxes. Timing of exercise and sale can affect each spouse’s tax liability.
Retirement accounts accrued during marriage are marital property. Division requires a Qualified Domestic Relations Order (QDRO) for 401(k)s, pensions, and other qualified plans. A QDRO allows tax-free transfers without early withdrawal penalties. IRAs can be divided through divorce decree without QDRO. Valuation considers current balance, projected growth, and tax treatment. Non-qualified deferred compensation plans may have different division rules and tax consequences.
Protection strategies include maintaining separate ownership before marriage, avoiding commingling business and personal funds, documenting your sole contributions to business growth, and having a valid prenuptial agreement. If the business is marital property, you may negotiate a buyout by offering other assets (real estate, investments, retirement funds) of equal value. Courts can structure payments over time to avoid forcing business sales. Accurate valuation and clear financial records strengthen your position.
Property transfers between spouses during divorce are generally tax-free under IRS rules. However, selling assets to divide proceeds can trigger capital gains taxes. Manhattan real estate sales may result in significant tax liability if properties have appreciated. Investment portfolios have embedded tax consequences when securities are sold. Retirement account divisions require QDROs to avoid penalties. Spousal maintenance is no longer tax-deductible for the payor or taxable to the recipient under current federal law.
New York’s child support guidelines apply to combined parental income up to $183,000 (as of March 2024). For high-income families, courts order additional support to maintain the child’s standard of living. This includes private school tuition, extracurricular activities, summer camps, healthcare beyond basic coverage, travel expenses, and other costs the child experienced during marriage. Courts consider what is reasonable and necessary rather than providing unlimited resources.
A Qualified Domestic Relations Order (QDRO) is a court order that allows tax-free division of qualified retirement plans such as 401(k)s, pensions, and profit-sharing plans. Without a QDRO, withdrawals are treated as taxable distributions subject to early withdrawal penalties. The QDRO must meet specific IRS and plan requirements. It designates the receiving spouse as an alternate payee entitled to a portion of the account. QDROs are not needed for IRAs, which can be divided through divorce decree.
Cryptocurrency acquired during marriage is marital property subject to division. Valuation challenges include volatility, determining acquisition dates, and verifying ownership. Forensic accountants can trace cryptocurrency transactions through blockchain analysis and exchange records. Courts value cryptocurrency as of the divorce date and may order immediate division or sale. Spouses must disclose all digital wallets and exchange accounts. Hidden cryptocurrency can be discovered through financial records and lifestyle analysis.
Prenuptial agreements can be challenged if they were signed under duress or coercion, lacked full financial disclosure, were not reviewed by independent counsel, or contain unconscionable terms. Courts look at timing (signed shortly before wedding suggests pressure), understanding of terms (evidence spouse did not comprehend), and fairness (extremely one-sided provisions). The challenging spouse must prove one or more grounds for invalidation. Valid prenups that meet legal requirements are generally enforceable.
Mediation involves a neutral third party who helps spouses negotiate agreements. It is faster, less expensive, and private. Mediation works best when both parties can communicate reasonably and want control over outcomes. Litigation involves formal court proceedings where a judge makes final decisions. It is necessary when spouses cannot agree but is time-consuming, expensive, and public. Litigation provides structure and enforceability through court orders.
New York requires both spouses to complete a Statement of Net Worth listing all assets, debts, income, and expenses. Courts can order additional financial documents, including tax returns, bank statements, business records, investment account statements, and property appraisals. Failure to disclose assets can result in contempt charges, sanctions, adverse inferences (the court assumes undisclosed assets exist and favors the other spouse), and potential criminal charges for perjury.
Inheritances received by one spouse are separate property and not subject to division, provided they remain separate. If inherited funds are deposited in joint accounts, used for marital expenses, or commingled with marital assets, they may become marital property. To keep inheritances separate, maintain them in individual accounts, avoid using them for joint expenses, and document their separate nature. Appreciation of inherited assets using marital funds or efforts may be subject to division.