Legal Question in Business Law in Texas

Divorce- involing owning a business

our business of 30 years, with both of us being very active in all aspects of the company is about to be sold. I suspect a divorce to be shortly after it is sold. My name is not on any company stock. My name will not be on any of the paper work when the company is sold, I have been told.

We have personal stock in the stock market. He handles all of that and I am not sure where it all is.

Just tell me what i should do to protect my interst

in all the above.

we are a corporation, but are the sole stockholders. I am not sure if it will be a stock sale or how it will be constructed, I am never privileged to any pertinent information.


Asked on 3/01/01, 3:05 pm

1 Answer from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Divorce- involing owning a business

If during the develpment of your business you were married, most likely under Texas law the business is a community asset. That means that you own an undivided one half of the business. Any sophisticated buyer of the business would require that you sign your agreement to the sale. If your husband has the stock soley in his name, you still probably would have a one half community property interest. If you suspect that your husband may try and retain all of the funds, you should take legal action to prevent that happening.

Larry Maun 713.266.2560

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Answered on 4/25/01, 3:43 pm


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