As a family lawyer in Dallas, I often receive inquiries from couples undergoing divorce in Texas regarding financial responsibilities. A common question is whether one spouse is responsible for the debt of a business owned by the other spouse before the marriage.
In Texas, debts incurred before marriage are considered separate property and not subject to division during a divorce. However, if the business continues to operate during the marriage and joint funds or marital assets are used to support it, the debt may become marital property and be subject to division.
Protecting Your Assets in a Texas Divorce
To safeguard their separate property and avoid any potential conflicts during a divorce, couples may choose to draft a prenuptial agreement prior to marriage. This agreement can clearly define each spouse’s separate property, including pre-marital businesses and debts, and provide peace of mind for both partners.
Couples may also consider keeping separate bank accounts and avoiding mixing funds to maintain the separation between separate and marital property.
Seeking Legal Assistance in Texas Divorces
When it comes to financial responsibilities in divorce, it is essential to understand the laws and potential consequences specific to Texas. If you are going through a divorce in Texas and have questions about marital debts, prenuptial agreements, or any other family law matter, do not hesitate to reach out to a trusted family law attorney.
At my law firm, the Blacknall Firm, we understand the complexities of marital finances and are dedicated to helping our clients navigate these challenges. Our knowledgeable family law attorneys are available to provide guidance and support during this difficult time.