NEW YORK, NY - High-asset divorces in Manhattan involve complex property division, including luxury real estate, business interests, investment portfolios, and family wealth exceeding one million dollars. Manhattan divorce attorney Richard Roman Shum of Law Office of Richard Roman Shum, Esq. (https://www.romanshum.com/manhattan-high-asset-divorce-lawyer/) guides clients through equitable distribution under New York law and protects complex estates during divorce proceedings.
According to Manhattan divorce attorney Richard Roman Shum, high-asset divorces typically involve luxury real estate in neighborhoods like the Upper East Side and Tribeca, investment portfolios including stocks and hedge funds, business ownership or partnership interests, stock options and executive compensation packages, retirement accounts and pensions, trusts and inheritances, and valuable personal property such as art and jewelry.
Manhattan divorce attorney Richard Roman Shum emphasizes that 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," explains Shum. "Marital property includes assets acquired during the marriage regardless of whose name is on the title, while separate property includes assets owned before marriage, inheritances received individually, and gifts given to one spouse."
The New York County Supreme Court considers multiple factors when dividing property, including the length of the marriage, each spouse's income and future earning potential, contributions to the marriage, both 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 of marital property.
Attorney Shum notes that high-asset cases require accurate valuations of luxury real estate, business interests, investment portfolios, and retirement accounts. Manhattan properties often need 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.
"Some spouses attempt to hide assets to avoid fair division," adds Shum. "Common tactics include transferring funds to offshore accounts, creating shell corporations, undervaluing businesses, moving money to friends or family members, or claiming false debts." Forensic accountants can uncover hidden assets by analyzing financial records, bank statements, tax returns, and business documents, looking for unusual transactions, undisclosed accounts, and lifestyle expenses that don't match reported income.
Courts take asset concealment seriously and may award the other spouse a larger share of marital property, order payment of attorney fees, or impose contempt charges and sanctions if hiding is proven. Spouses who hide assets violate New York law and face serious consequences.
Spousal support, called maintenance, helps the lower-earning spouse maintain financial stability after divorce. New York Domestic Relations Law Section 236 provides guidelines for calculating maintenance, but high-income cases often exceed the statutory cap of $203,000 in combined income as of 2024. Courts evaluate marriage length, income disparity between spouses, standard of living during marriage, each spouse's age and health, earning capacity, contributions to the other's career, and childcare responsibilities.
"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," observes Shum. "A spouse who paused a career to raise children or support the other's professional advancement may receive higher support."
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, the market approach comparing to similar companies, and the asset-based approach calculating company assets minus liabilities. Forensic accountants review financial statements, assess cash flow, evaluate goodwill, and determine fair market value.
Child custody in high-net-worth cases depends on the child's best interests rather than which parent has more money. 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. Disputes may involve private school tuition, international travel, nanny services, and access to family vacation properties.
Child support for high-income families extends beyond New York's statutory guidelines, which apply to combined parental income up to $183,000 as of March 2024. Courts can order additional support to maintain the child's standard of living, including private school tuition, tutors, sports and arts programs, summer camps, healthcare beyond basic coverage, and travel expenses.
For those facing high-asset divorce in Manhattan, working with an experienced family law attorney may help protect complex estates and ensure fair property division under New York law.
About Law Office of Richard Roman Shum, Esq.:
Law Office of Richard Roman Shum, Esq. is a New York-based family law firm focused on high-asset divorce cases involving substantial property, business interests, and family wealth. Led by attorney Richard Roman Shum, who has practiced family law for over 15 years, the firm handles cases at the New York County Supreme Court and the Manhattan Family Court. The office is located at 20 Clinton St FRNT 5D, New York, NY 10002, in the Lower East Side. For consultations, call (646) 259-3416.
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Email: richard@romanshum.com
Website: https://www.romanshum.com/
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Company Name: Law Office of Richard Roman Shum, Esq PLLC
Contact Person: Richard Roman Shum
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Phone: (646) 259-3416
Address:20 Clinton St FRNT 5D
City: New York
State: New York 10002
Country: United States
Website: https://www.romanshum.com/
