Although couples certainly don’t enter marriage anticipating a divorce, it is increasingly common: 50 percent of first marriages, 67 percent of second and 74 percent of third marriages end in divorce. (Source: Forest Institute of Professional Psychology.) When your fortune and family matter, it is critical to be prepared, and to protect your interests with a highly competent Plano divorce legal team on your side.
The McClure Law Group divorce attorneys’ high-energy, tough, no-nonsense demeanor and dynamic presence make each of them powerful litigators. The team of attorneys at the McClure Law Group aim to deliver maximum results utilizing their experience in tax law, complex financial and property matters, litigation, international divorce and family legal matters. We have decades of experience identifying and building a compelling case to protect every conceivable resource or asset, including:
- Assets owned in more than one state or country
- Convoluted income streams from numerous sources, including stock options, performance incentive payments, bonuses and award trips, royalties, and capital gains.
- Valuation of personal and business real estate property, businesses and other assets
- Equitable division of tax-deferred retirement accounts: IRAs, 401(k) plans and pensions
- Equitable division of stock options and restricted stock
- Division of patents, copyrights, and other intellectual property
- The valuation of businesses
- Division of outstanding debts
- Treatment of trusts
- Parenting and custody plans
In any divorce, especially those involving estates of considerable size, the division of property is complex and vital to the protection of a client's fortune and family. McClure Law Group's Plano divorce attorneys understand these complexities and utilizes forensic accountants and business valuation experts to determine the real value and character of a client's assets. Any assets acquired during the course of a marriage may be eligible for equitable distribution.Asset Tracing
Often, assets may have been hidden by a spouse prior to a divorce. These assets must be discovered for a fair and equitable division of property during the divorce. Hiding assets is not just for the wealthy or business owners, anyone may have a rainy day account that is not included in divorce documents. At McClure Law Group, sophisticated asset tracing is a critical step to ensure the transparency of the divorce and the financial stability of a client and children involved.Spousal Support
Spousal support is another delicate matter related to divorce. Texas law allows two types of spousal support: contractual spousal support based on a contract between the divorcing spouses, or court-ordered spousal maintenance that is generally limited to a period of three years, and caps the amount that can be ordered, except in the case of disability.
In 1995, the Texas Legislature enacted an alimony statute. However, the statute is quite restrictive, making court-ordered spousal support difficult to procure. Under the Texas Family Code, spousal support is intended to assist a divorced spouse who was out of the job market for many years, lacks job skills, and does not have enough assets to provide for their own reasonable minimum needs.
The statute states that spousal support is not justified unless the partner seeking alimony demonstrates that he or she tried to seek suitable employment or to develop the necessary skills to support themselves during the separation period.
In addition, if a spouse has no skills or assets and has been married for at least 10 years, a spouse may be entitled to spousal support for a period of up to three years, and up to a maximum of $2,500 per month or 20% of the former spouse's average monthly gross income.
Whether there is a law in place or not, divorcing parties can and often agree to pay contractual spousal support. Under the Internal Revenue Code, spousal support payments are a deduction from the gross income of the payor, and reportable gross income to the receiving spouse.
While working to protect your fortune and family, McClure Law Group strives to minimize the potentially negative impact divorce can have on children and relationships. Kelly McClure and the team of attorneys at the McClure Law Group offer clients the option of a collaborative approach to divorce, which allows parties to maintain discretion and reduce the financial and emotional burdens associated with family law litigation.