How Do You Protect Your Assets in a New York High Net Worth Divorce? - Richard Roman Shum
Notas del episodio
From Law Office of Richard Roman Shum, Esq. - How Do You Protect Your Assets in a New York High Net Worth Divorce? looks at what happens when a marital estate includes closely held businesses, investment portfolios, deferred compensation, or multiple properties, and why the outcome depends on how carefully each asset is classified, valued, documented, and disclosed under New York's equitable distribution system.
Richard Roman Shum, a lifelong New Yorker and Lower East Side resident, built his family law practice around clear, pragmatic strategy for families and business owners across Manhattan. At the Law Office of Richard Roman Shum, Esq., this guide walks through what counts as marital property versus separate property under New York Domestic Relations Law, how separate property can lose its protected status through commingling, and how appreciation of separate property may become marital when it results from a spouse's contributions.
The discussion also covers how New York courts divide high-value estates through a three-step process of classifying, valuing, and distributing marital assets according to statutory factors under DRL § 236(B)(5)(d), including income and property at marriage and filing, duration and health, direct and indirect contributions, liquidity, tax consequences, and wasteful dissipation. It also touches on the 2016 amendment that abrogated the O'Brien v. O'Brien rule, meaning courts may no longer treat enhanced earning capacity from a license or degree as distributable marital property, though contributions to that capacity may still factor into the analysis.
Finally, the guide addresses what spouses must disclose in a New York divorce, including the sworn Statement of Net Worth required under the matrimonial rules, and how high-asset cases often expand into broader discovery. Listeners facing a high net worth divorce in Manhattan can learn how careful documentation and disclosure protect what they have built.
Law Office of Richard Roman Shum, Esq
20 Clinton St FRNT, New York, NY 10002
(646) 259-3416