Q: I am getting a divorce in Texas & everything is signed. It goes final 11-13 & I want to start a business (start LLC).
I got laid off 2 weeks ago....I want to start a business (several months away from soliciting businesses) but I want to set up the infrastructure (form LLC, build website, etc.). Can I start on this while we wait for it to go final? I have a lot of time while I'm looking for a job, I'm a disabled vet so a LLC doesn't cost me anything...
A: Yes, you can begin the process of establishing an LLC during the final stages of your divorce, as long as these actions do not result in changes that establish ownership rights or confirm the existence of the LLC before the divorce is officially finalized. However, there are a couple of important considerations to keep in mind. Firstly, in Texas, which is a community property state, without a prior agreement like a prenuptial agreement, assets and earnings acquired during the marriage are considered marital property, shared between both spouses. Therefore, the timing and structure of your LLC may have implications for property division. Secondly, it's crucial to be aware of any standing orders or temporary orders in your divorce case that may outline specific actions you are allowed or not allowed to take, such as opening new bank accounts or transferring assets between entities. Good luck with the new business venture!
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