McKinney High Asset Divorce Lawyer
High Asset Divorce Attorney in McKinney, TX
Divorce is never an easy process, with simple disagreements carrying the potential for litigation. Complications increase when a case involves high-net-worth parties, whether it is contested or not. A McKinney high-asset divorce lawyer can help with your case. They can guide you through the proceedings and advocate for a final agreement that works for you.
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About Cruz Arevalo, High-Net-Worth Divorce Attorney
Cruz Arevalo is a boutique law firm that has spent years providing personalized representation in high-asset divorce cases for the people of McKinney and across Collin County. Principal partner Monica Cruz is board-certified in family law by the Texas Board of Legal Specialization and has experience with a variety of complex divorce proceedings. Her legal accomplishments have earned her the title of Super Lawyer and Rising Star since 2010.
*Awards and recognition reflect past achievements and do not guarantee future results. Selection criteria vary between organizations.
What Is a High-Asset Divorce?
Divorce is one of the most common types of family law cases in Texas. In fiscal year 2024, divorce accounted for almost 40% of all new family law cases statewide, with 97,696 divorce filings and 224,197 total active cases. McKinney’s median household income of $124,215 means that many local divorces are high-net-worth cases.
High-asset divorce is an informal term used for cases that involve high-value marital property and involve multiple financial lawyers. High-asset divorce laws follow the same guidelines as other marriage dissolutions, requiring one party to live in the state for six months, with options for no-fault and fault-based divorce. McKinney cases are handled at the Russell A. Steindam Courts Building, located at 2100 Bloomdale Road in McKinney.
Common Contention Points in a High-Asset Divorce
The higher value of property and assets in a high-net-worth divorce case can result in several unique and more complex points of contention. Examples of common areas of dispute in a high-asset divorce case are listed below:
- Property classification for multiple accounts with mixed assets
- Complications around business ownership
- Division of multiple real estate properties
- Alimony, or spousal support, to maintain the same quality of life for the lower-income spouse
- Reallocating investments, 401ks, and retirement accounts
- Tax repercussions for reorganizing property
Hire a High-Asset Divorce Lawyer
While you may represent yourself, the sensitive nature of ending a marriage, combined with the complexity of valuable property, makes it recommended that you hire a high-asset divorce lawyer. Your McKinney high-asset divorce attorney can help you throughout the proceedings, from the initial filing to the final dissolution agreement. Examples of how Cruz Arevalo can assist are listed below:
- Prepare your approach. Everyone has their own goals for the separation agreement when beginning a divorce. We can learn your key issues and explore strategies for protecting those interests.
- Gather financial records. Organizing a multitude of accounts, income sources, and all other assets can be a time-consuming process. Your attorney can assist in preparing a full inventory of marital and separate property before negotiations begin.
- Examine your spouse’s inventory. A common problem in high-asset divorce is one spouse attempting to hide assets. We can examine your spouse’s financial documents and use forensic accountants to uncover any concealed funds.
- Negotiate on your behalf. Rarely do parties agree on every point in a divorce case. Your lawyer can negotiate on your behalf during discussions and advocate for you throughout the back-and-forth offers.
- Represent you in court. Cruz Arevalo can represent you in all hearings and court appearances necessary for your divorce.
FAQs
When Should You Speak with a High-Asset Divorce Attorney in McKinney, TX?
You should speak with a Texas high-asset divorce attorney as soon as possible if yours is a high-asset divorce. Contacting an attorney early in your case allows them to assist with filing, serving papers, and engaging in early negotiations. The time a lawyer spends on a case can directly affect the case outcome.
What Are the Common Mistakes People Make in High-Asset Divorce in Texas?
Texas high-asset divorce cases involve complicated, legal, and financial proceedings, and many divorcees across Texas make similar mistakes. One common error in a high-net-worth divorce is attempting to hide or conceal assets. Hidden property is typically discovered during divorce proceedings and can harm your position in negotiations.
Another frequent misstep in high-net-worth divorce is poor records of separate property. Ambiguous assets without clear evidence of separation can be included in property division.
How Long Does a High-Asset Divorce Take to Resolve in McKinney, TX?
The timeline of a high-asset divorce in Texas varies by case. These cases typically take longer than simpler marriage dissolutions. Factors that can affect the timeline include the level of cooperation between the spouses, what is being contested, and the complexity of finances. A divorce centered on a handful of valuable properties and collaborating parties tends to take less time than a case with multi-layered accounts that require litigation.
Does Your Spouse Get Half of Everything in a Texas High-Asset Divorce Case?
In Texas, one spouse does not automatically get half of all marital property in a high-asset divorce case. Divorce proceedings use equitable distribution for property division, meaning assets are divided based on what is deemed just and fair instead of an even 50/50 split. Factors considered include the difference in income between spouses, each party’s earning capacity, and other details.
Speak with a Local McKinney High-Asset Divorce Attorney
Our team at Cruz Arevalo knows how difficult a high-asset divorce can be. We can use our years of experience in high-net-worth separations and familiarity with the local legal system to make a positive difference in your proceedings.
Contact us to schedule your initial consultation, so we can learn about the challenges you are facing in your divorce, discuss the most important issues, and provide potential strategies for obtaining a favorable separation agreement. You may also visit our Dallas office, located in the heart of downtown on Main Street, across from the Civic Garden, a few blocks east of the Dallas County Courthouse, and a few blocks north of the Kay Bailey Hutchison Convention Center.
