Frisco High Asset Divorce Lawyer
Trusted High Asset Divorce Attorney in Frisco, TX
When a couple decides to end their marriage, it can create a profound shift in each partner’s personal and financial lives. Whether you’re a business owner or high-net-worth individual, it’s important to partner with a Frisco high-asset divorce lawyer who can help you protect your interests. Doing so can provide you with the support and resources you need to navigate the divorce process with confidence.
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Let Cruz Arevalo Help
A high-asset divorce demands an in-depth understanding of valuation, taxation, and state laws regarding property division. At Cruz Arevalo, our team recognizes how complex divorces can be, especially when valuable assets are involved. That’s why our experienced attorneys provide compassionate, strategic legal support throughout each step of the high-asset divorce process, working to make certain that no assets are hidden, undervalued, or misused.
Community Property Laws in Texas
Between 2019 and 2023, Frisco’s median household income was estimated to be $146,158. During this same period, approximately 34.5% of households had an income of $200,000 or more in Frisco, showing how individuals and families alike have worked hard to achieve their status. Understanding Texas divorce laws and how they impact your finances is crucial when going through a high-asset divorce.
One of the most important state laws to understand is outlined in Texas Family Code Section 3.002. This piece of legislation defines community property guidelines and how spouses must separate property if they divorce. Community property laws in Texas state that all marital property that a couple acquires is considered communal. These laws also state that all communal property must be divided as equally as possible between spouses if their marriage ends.
However, achieving a fair division of property can be challenging, especially in a high-net-worth divorce. What is considered “fair” can easily vary from case to case, and judges may determine how to divide assets based on factors such as:
- How long the marriage lasted
- The earning capacity of each spouse
- Whether children are involved
- The standard of living the spouses held while married
Common Marital Assets in a High-Asset Divorce
High-asset divorces in Texas often involve complex assets, investments, and interests that can be difficult to value and divide. A skilled lawyer from Cruz Arevalo can help you identify and value your assets properly, making sure you receive a fair share of what is rightfully yours. Common marital assets that must be divided in high-asset divorces in Frisco include:
- The family home
- Vacation homes and properties
- Luxury vehicles, such as yachts or sports cars
- Business holdings or interests
- Investments and stocks
- Furniture, art, and jewelry
Managing these assets along with other proceedings without a divorce attorney can lead to significant oversights and unfavorable settlements. The team at Cruz Arevalo can help you protect your future.
Separate Vs. Community Property in a Texas Divorce
While all marital assets must be divided equally during a Texas divorce, there are some assets that are considered untouchable, even if they were acquired during a marriage. These assets are known as separate property. Separate property in a divorce includes all property that one spouse:
- Owned before the marriage
- Received as a gift
- Inherited
- Received through a personal injury settlement
However, clear documentation to trace ownership is necessary to prove that both spouses do not own the asset in question. If you have valuable separate property, it’s critical that you work with a high-asset divorce lawyer who can help you prove ownership and protect your property.
Why You Should Hire a High-Asset Divorce Lawyer in Frisco
When you spend your life working to make a name for yourself and increasing your worth, it can be challenging to go through a divorce that has the potential to uproot that success. In Frisco high-asset divorce cases, navigating the technical aspects of family law requires elite experience. When you hire a high-asset divorce lawyer from Cruz Arevalo, you can trust that a skilled attorney with extensive knowledge and experience will advocate for your interests.
We have experience working in local courts across North Texas, including the Collin County Courthouse in McKinney. Our local insight gives us an advantage when helping Frisco residents protect their property both in and out of the courtroom.
FAQs
How Much Does a High-Asset Divorce Attorney Cost in Frisco, TX?
The cost of hiring a high-asset divorce attorney in Texas can vary from case to case and firm to firm. Total expenses can depend on a case’s complexity, the level of cooperation between divorcing parties, and the need for professionals like forensic accountants. Because high-asset divorces tend to be more complex, it’s important to discuss all potential fees with your attorney during your first consultation.
What Is Considered a High-Net-Worth Divorce Case in Frisco, TX?
In Texas, a divorce may be considered high-net-worth if it involves a variety of valuable assets, complex business interests, diverse investment portfolios, or other expensive assets that cannot be divided in half easily. If you’re unsure whether your divorce qualifies as high-net-worth in Texas, you should consult an attorney to learn more about your specific scenario and options moving forward.
What Happens When You Go Through a High-Asset Divorce With Children in Frisco, TX?
In Fiscal Year 2024, nearly 40% of the new family cases filed in Texas courts involved divorce. Of these divorces, 17% involved children. When children are involved, the law prioritizes their interests above all else. This means that when children are involved, judges and parents must make child custody and child support decisions based on the best interests of the child, not what the parents want.
Do All High-Asset Divorces Have to Go Through Litigation in Frisco, TX?
No, not all high-asset divorces have to go through litigation in Texas. However, it is relatively common, as it is often difficult for spouses to make amicable decisions regarding the split of complex assets like investments or business holdings. Couples may attempt to resolve issues outside of court using methods like mediation, but if these methods do not work, they will likely need to go through litigation to have a judge decide how to divide property.
Contact Cruz Arevalo, P.C., Today
Dealing with the legal complications of a high-asset divorce while navigating a life transition is rarely easy, but you don’t have to do it alone. When you seek assistance from an attorney at our firm, you can provide yourself with the tools necessary to protect your financial legacy. Reach out to Cruz Arevalo today to schedule a consultation with a compassionate family lawyer.
