7 Things Texas Business Owners Should Consider Before Marriage
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Texas is one of the easiest states to start a new business, with more than 3 million small businesses at last count.
With all those small businesses, it’s a safe bet many of those business owners will find themselves in divorce court. If you own a small business and are, or are considering, getting married, it’s crucial to understand the state’s community and separate property laws.
First, some definitions:
- Separate property includes anything acquired before marriage or received during marriage as a gift or inheritance.
- Community property comprises anything acquired during marriage that is not considered separate property.
- Income from separate property is classified as community property.
Community and separate property laws apply regardless of the marriage's duration, unless:
- A written pre- or post-marital agreement states otherwise or,
- Separate and community assets are so mixed that they cannot be separated (although a good forensic CPA familiar with Texas community and separate property laws can often trace those assets).
Read on for a list of things to consider to preserve ownership of a business owned before marriage.
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Carol Wilson provides expertise, focus and compassion in times of family turmoil, having skillfully litigated and tried complex divorce, property division, and child custody cases for more than 30 years.
She has been Board Certified in Family Law by the Texas Board of Legal Specialization since 1992. Subscribe to the firm's newsletter here.
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Law Office of Carol A. Wilson Selected for Best Law Firms 2024
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The Law Office of Carol A. Wilson, PLLC, has been recognized for the fourth consecutive year on the “Best Law Firms” annual list of outstanding legal practices. This achievement recognizes the firm as one of Dallas's premier family law firms.
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Happy Thanksgiving to You and Yours
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As we embark on the end of the year, this Thanksgiving I'm grateful for the people I've met throughout my journey of growing a thriving family law practice.
- I am grateful for the opportunity to help good people in difficult times resolve their family law issues.
- I am grateful for the many individuals who refer me cases.
- I am grateful for a hardworking, caring, and discerning legal assistant, Anita Williams.
- I am grateful to have had parents who provided me with an education that allows me to fulfill my dream of a law career.
On behalf of the firm, we hope you have a wonderful holiday.
— Carol
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