Husband Selling Assets Before Divorce by Richard Roman Shum

Husband Selling Assets Before Divorce by Richard Roman Shum
In this video, The Law Office of Richard Roman Shum, Esq., PLLC, explains the importance of understanding asset dissipation during divorce proceedings in New York. When a marriage begins to break down, one spouse may attempt to hide, misuse, or waste marital property, a practice known as asset dissipation. This can significantly impact the fairness of the asset division process, leaving the other spouse with less than their fair share of the marital estate. It is essential to recognize these tactics and take the necessary legal steps to protect your financial rights.
Law Office of Richard Roman Shum, Esq
20 Clinton St Apt 5d, New York, NY 10002, United States
[phone]
www.romanshum....
www.google.com...
A Manhattan property division attorney from The Law Office of Richard Roman Shum, Esq., PLLC, can help you understand your options and safeguard your assets. Asset division in New York follows the principle of equitable distribution, which aims to divide marital property in a fair manner. However, equitable does not always mean equal, and the distinction between marital and separate property plays a key role in how assets are divided. Marital property includes assets acquired during the marriage, such as real estate, retirement accounts, and stock options. Separate property refers to assets acquired before the marriage or by inheritance or gift. Knowing how to classify these assets is crucial for ensuring a fair financial settlement.
If you suspect that your spouse is selling or hiding assets, it is vital to take action. New York courts take a critical view of asset dissipation, especially if it is premeditated and aimed at limiting the financial share of the other spouse. A Manhattan property division attorney can investigate your case, trace any dissipated assets, and work toward reclaiming them or obtaining monetary compensation. In cases where the assets cannot be physically reclaimed, the court may deduct their value from the offending spouse’s share of the remaining marital assets or require direct monetary payments to the other spouse.
The video also covers common strategies that some spouses use to hide or dispose of assets before a divorce, including transferring property to friends or family members, undervaluing and quickly selling high-value items, or using business entities to mask the true value of their assets. Understanding these tactics can help you identify warning signs and take legal action to prevent further financial loss.
Throughout the divorce proceedings, it is essential to have a legal team that can navigate the complexities of asset division, whether it involves physical property, business assets, or financial accounts. The Law Office of Richard Roman Shum, Esq., PLLC, works diligently to ensure that your financial interests are protected, and that any attempts to dissipate assets are addressed in court.
If you are facing a divorce and need legal representation to handle asset division in Manhattan, contact The Law Office of Richard Roman Shum, Esq., PLLC, today. Our team is committed to helping clients navigate the legal process and secure a fair share of the marital estate. Reach out to us at [phone] to schedule a consultation and learn how we can assist you in protecting your financial future.
Can my husband sell the house without my consent in NY?
Can my wife take my house if I bought it before marriage in NY?
What is wife entitled to in NY divorce?
Is NY a 50/50 divorce state?