Press release
New York City Property Division Lawyer Richard Roman Shum Provides Legal Guidance for Fair Asset Distribution
As a New York City property division lawyer, Richard Roman Shum helps clients address disputes related to real estate, bank accounts, retirement funds, and other shared assets. Under New York law, marital property is subject to equitable distribution, meaning assets are divided fairly, though not always equally. Legal representation is often necessary to evaluate financial records, negotiate settlements, and, when needed, present arguments in court.
Richard Roman Shum, a New York City property division lawyer, provides legal support for individuals seeking to secure their financial future after a divorce. Without proper legal guidance, a party may receive less than what they are entitled to under the law. A thorough approach to asset valuation, financial disclosures, and legal negotiations can make a significant difference in the outcome of a case.
"Property division in New York divorces follows the equitable distribution principle, which does not always mean a 50/50 split. The court considers various factors, including the length of the marriage, each party's financial contributions, and their future financial needs," said Richard Roman Shum.
The division of assets in a divorce can be particularly challenging when high-value assets or business interests are involved. Marital assets can include real estate, vehicles, stocks, pensions, and other financial holdings. Determining the value of these assets requires careful financial analysis, sometimes with the assistance of forensic accountants. The goal is to present an accurate picture of the couple's shared property and advocate for a fair distribution.
Separate property, which includes assets acquired before the marriage, inheritances, and certain gifts, is generally not subject to division. However, complications may arise if separate property has been commingled with marital assets. For example, if one spouse used personal funds to invest in a marital home or business, legal arguments may be needed to establish ownership rights. Richard Roman Shum works with clients to gather necessary documentation and present their case effectively.
Debts are another critical factor in property division. In addition to dividing assets, the court must determine how marital debts will be allocated between the parties. Mortgages, credit card balances, and other joint financial obligations can significantly impact the financial well-being of both spouses after the divorce. Legal assistance can help ensure that debt responsibility is assigned in a way that is fair and financially manageable.
When parties are unable to reach an agreement on asset division, the court makes the final decision based on multiple factors. These may include each spouse's income, age, health, and contributions to the marriage. The court also considers the future financial needs of both parties, particularly if one spouse has significantly lower earning potential. Legal representation plays a crucial role in presenting a strong case before the court.
New York City property division lawyer Richard Roman Shum also assists clients in drafting prenuptial and postnuptial agreements, which can clarify asset distribution in the event of a divorce. Having a legally binding agreement in place can prevent disputes and simplify the property division process. For those considering a divorce, understanding their financial rights and responsibilities ahead of time can lead to better planning and decision-making.
Dividing property during a divorce can be an emotionally and financially stressful process. Having legal support can help individuals navigate these challenges with confidence and clarity. Richard Roman Shum and the team at the Law Office of Richard Roman Shum, Esq. provide legal representation to individuals seeking fair and equitable outcomes in property division cases.
For individuals facing property division disputes, consulting with an attorney can provide clarity on their rights and options. New York state laws regarding asset distribution can be challenging, and legal guidance can be essential in achieving a just outcome. Legal representation can help individuals protect their financial interests and work toward a resolution that supports their future stability.
About The Law Office of Richard Roman Shum, Esq.:
The Law Office of Richard Roman Shum, Esq. provides legal representation in family law matters, including divorce and property division, in New York City. Richard Roman Shum is committed to helping clients navigate legal processes and protect their financial interests. The firm offers legal support tailored to each client's unique situation, working toward fair and equitable resolutions in asset distribution cases.
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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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State: New York 10002
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Website: https://www.romanshum.com/
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