Legal Question in Family Law in Texas
Incorporation of a business
In a community property state if a business if formed under incoorporation does that remove it from community property in case of divorce? If not can a contract be drawn up stating that the business is under a sole propriertorship that the spouse has no claim on the business in the case of divorce?
Asked on 10/08/97, 3:57 pm
1 Answer from Attorneys
Jimmy L. Verner Jr.
Verner & Brumley, P.C.
Incorporation of a business
The answers to your questions, at least in Texas, are "no" and "yes". All property acquired during marriage except by gift or inheritance is community property unless purchased with proceeds of separate property. Any community property can be "partitioned" into separate property by written agreement in the proper form and executed under the proper conditions.
Answered on 10/17/97, 10:48 pm
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