Post Nuptial Agreement?

[JeaneneAustin]

What is the name of your state?What is the name of your state?What is the name of your state? Texas, Travis County

Is there such a thing as a post nuptial agreement in Texas?

I am currently separated and not sure I am ready to finalize my divorce (we are still discussing trying to work things out, and both of us are hopeful)

I have been self-employed for many years, when we separated, my husband signed a "Dissolution of Partnership Agreement" and I paid him for his share in our business. (History: reason for the breakup largely was due to our inability to work together.. so he just didn't work!) Since our separation/his moving out 4 months ago.. he has taken a job and is making a nice income for himself. Now that the mandatory 60 day waiting period is up, I am able to finalize this divorce at any time.

My dilemma is.. I'm not sure I want to finalize things now and would very much like to see where things go with him. My business has always supported me (us) fairly well.. but in the last weeks, I have managed to negotiate several contracts that I will be signing within the next week or two that are worth millions. I've been told several things: One, that if I sign these contracts prior to finalizing the divorce, under comm. property laws in Texas he will be entitled to half of the business and the revenue, regardless of the dissolution of partnership?? Two: was told just to sign a post nuptial agreement outlining who the business and revenue belongs to?? Lastly, that the dissolution of partnership is enough, in itself, to protect me and the business, should things not work out in the future??

I hate to sound like this is all about money.. but realistically it is. I've worked to hard at this alone, to give away 50% of this, should things take another nose-dive. I'd love some answers, if anyone can help.
Thanks very much.
J.

 

[BelizeBreeze]

What is the name of your state?What is the name of your state?What is the name of your state? Texas, Travis County

Is there such a thing as a post nuptial agreement in Texas?

Yes

I am currently separated and not sure I am ready to finalize my divorce (we are still discussing trying to work things out, and both of us are hopeful)

I have been self-employed for many years, when we separated, my husband signed a "Dissolution of Partnership Agreement" and I paid him for his share in our business. (History: reason for the breakup largely was due to our inability to work together.. so he just didn't work!) Since our separation/his moving out 4 months ago.. he has taken a job and is making a nice income for himself. Now that the mandatory 60 day waiting period is up, I am able to finalize this divorce at any time.

My dilemma is.. I'm not sure I want to finalize things now and would very much like to see where things go with him. My business has always supported me (us) fairly well.. but in the last weeks, I have managed to negotiate several contracts that I will be signing within the next week or two that are worth millions. I've been told several things: One, that if I sign these contracts prior to finalizing the divorce, under comm. property laws in Texas he will be entitled to half of the business and the revenue, regardless of the dissolution of partnership?? Two: was told just to sign a post nuptial agreement outlining who the business and revenue belongs to?? Lastly, that the dissolution of partnership is enough, in itself, to protect me and the business, should things not work out in the future??

I hate to sound like this is all about money.. but realistically it is. I've worked to hard at this alone, to give away 50% of this, should things take another nose-dive. I'd love some answers, if anyone can help.
Thanks very much.
J.

And of course, your answer depends entirely on the exact wording of the agreement the two of you signed. I would suggest you take it to an attorney because, depending on the exact wording, you may be held to it.

 

[JeaneneAustin]

I'm sorry, I don't understand your answer. Are you referring to the "Dissolution of Partnership Agreement"? or a Post Nuptial? For that matter, is there such a thing in Texas?

Thanks!

 

[BelizeBreeze]

Both.

You can't expect us to comment on a contract that we can't read. And if the court finds that the business is a marital asset, then they can also find the dissolution in violation of marital property laws.

THere is no way we can even outline all the different scenarios possible.

 

[JeaneneAustin]

Doe's this help? After re-reading this entire document.. sounds to me that this "Dissolution, Termination & Conveyance Agreement" IS pretty much a post nuptial.... Care to comment?

Spousal Partition Agreement. The Parties hereby intend to partition between themselves all of "R’s" community property interests in the Partnership Property, and "R" hereby transfers to "J" any and all of his community property interests in and to any and all of the Partnership Property as "J's" sole and separate property. "R" hereby relinquished and is divested of all right, title, interest and claim in and to such community property. This Agreement shall serve for all purposes as a spousal partition agreement, designating the Partnership Property as the sole and separate property of "J" under the Texas Constitution and applicable Texas law.

Thanks.

 

[BelizeBreeze]

Doe's this help? After re-reading this entire document.. sounds to me that this "Dissolution, Termination & Conveyance Agreement" IS pretty much a post nuptial.... Care to comment?

Spousal Partition Agreement. The Parties hereby intend to partition between themselves all of "R’s" community property interests in the Partnership Property, and "R" hereby transfers to "J" any and all of his community property interests in and to any and all of the Partnership Property as "J's" sole and separate property. "R" hereby relinquished and is divested of all right, title, interest and claim in and to such community property. This Agreement shall serve for all purposes as a spousal partition agreement, designating the Partnership Property as the sole and separate property of "J" under the Texas Constitution and applicable Texas law.

Thanks.

Again, that depends on the preceeding paragraphs of the agreement. If they indicate that the agreement identifies only the business, then it does not apply to other marital assets.

As for your second-thoughts about giving him 50% of the business, that's a done deal.

As to the contention that this agreement covers ALL martial assets, GET A LOCAL attorney's opinion. I doubt you will be happy with the outcome.

 

[JeaneneAustin]

Again, that depends on the preceeding paragraphs of the agreement. If they indicate that the agreement identifies only the business, then it does not apply to other marital assets.

As for your second-thoughts about giving him 50% of the business, that's a done deal.

As to the contention that this agreement covers ALL martial assets, GET A LOCAL attorney's opinion. I doubt you will be happy with the outcome.

Would it be out of line to post the preceeding paragraphs? I'd love a full opinion, just not sure what the etiquette is on here.

What do you mean by a done deal about 50% of the business?

 

[BelizeBreeze]

Would it be out of line to post the preceeding paragraphs? I'd love a full opinion, just not sure what the etiquette is on here.

What do you mean by a done deal about 50% of the business?

It would do you no good to post the ENTIRE agreement since we don't know anything more than what the words say. An agreement IN marriage must be interpreted in the light of all of the facts, not just what you post here.

And that's why I said consult a local attorney.

What I meant by 'it's a done deal' is in reference to IF the agreement identified the business ONLY as the asset being discussed. In that case, and absent a finding by the court that the agreement is invalid, then you cannot unilaterally cancel the contract.

Even if the agreement if found to be invalid, the company, begun and operated by the married couple, is most likely a marital asset and it's disposition divisible under marital property laws.

 

[Bali Hai]

What is the name of your state?What is the name of your state?What is the name of your state? Texas, Travis County

I hate to sound like this is all about money.. but realistically it is. I've worked to hard at this alone, to give away 50% of this, should things take another nose-dive. I'd love some answers, if anyone can help.
Thanks very much.
J.

Divorce is ALL about money. You don't need to apolgize about that.

 

[BelizeBreeze]

Divorce is ALL about money. You don't need to apolgize about that.

For the last time, keep your PERSONAL opinions off this forum.

 

[JeaneneAustin]

It would do you no good to post the ENTIRE agreement since we don't know anything more than what the words say. An agreement IN marriage must be interpreted in the light of all of the facts, not just what you post here.

And that's why I said consult a local attorney.

What I meant by 'it's a done deal' is in reference to IF the agreement identified the business ONLY as the asset being discussed. In that case, and absent a finding by the court that the agreement is invalid, then you cannot unilaterally cancel the contract.

Even if the agreement if found to be invalid, the company, begun and operated by the married couple, is most likely a marital asset and it's disposition divisible under marital property laws.

Yes, this document was solely about the business and my ownership. I did start this business while we were married, but was my creation and I worked it alone for several years before he became officially involved in it, (all contracts in my name etc.)

We prepared this document just prior to my filing for divorce, with the two of us in agreement as to 100% ownership on my part. My attorney suggested having him sign this, because he was listed on the original dba paperwork. I am now preparing to file a LLC.

Again, my question is... if I don't finalize the divorce this week and decide to give things a little longer to play out in our marriage, can he claim any money from this business is a marital asset later down the line, if i decide to finalize the divorce then? Will creating an LLC while still married change the conyenance status?

 

[BelizeBreeze]

Yes, this document was solely about the business and my ownership. I did start this business while we were married, but was my creation and I worked it alone for several years before he became officially involved in it, (all contracts in my name etc.)

We prepared this document just prior to my filing for divorce, with the two of us in agreement as to 100% ownership on my part. My attorney suggested having him sign this, because he was listed on the original dba paperwork. I am now preparing to file a LLC.

Again, my question is... if I don't finalize the divorce this week and decide to give things a little longer to play out in our marriage, can he claim any money from this business is a marital asset later down the line, if i decide to finalize the divorce then? Will creating an LLC while still married change the conyenance status?

Take this to YOUR attorney. There are many more facts that I'm not going to spend all day trying to get out of you.

As it sits now, this was a marital asset which you have disposed of through contract which is enforcable. If you have not paid him yet for his portion per the contract, then he can come before the court and claim the contract void on the basis of non-performance

YOu have an attorney. Playing 20-questions here will accomplish nothing.

I can't comment further.

 

[JeaneneAustin]

Will do. Thank you for your time. I really appreciate it.

 

[katrinagardener]

A Friendly reminder....

For the last time, keep your PERSONAL opinions off this forum.

BelizeBreeze,

May I please remind you again?


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