{"id":2866,"date":"2024-07-07T15:24:30","date_gmt":"2024-07-07T20:24:30","guid":{"rendered":"https:\/\/www.mcclure-lawgroup.com\/blog\/?p=2866"},"modified":"2024-07-16T08:19:33","modified_gmt":"2024-07-16T13:19:33","slug":"texas-court-rejects-wifes-argument-husband-sold-commercial-goodwill","status":"publish","type":"post","link":"https:\/\/www.mcclure-lawgroup.com\/blog\/texas-court-rejects-wifes-argument-husband-sold-commercial-goodwill\/","title":{"rendered":"Texas Court Rejects Wife’s Argument Husband Sold Commercial Goodwill"},"content":{"rendered":"

The court must divide marital property in a just and right manner in a Texas divorce.\u00a0 In some cases, the parties only have tangible or clearly identifiable assets such as real estate and back accounts.\u00a0 In other cases, however, there may be more abstract assets involved.\u00a0 A former wife recently challenged<\/a> a property division, arguing the court had not properly divided the assets in light of the husband\u2019s sale of commercial goodwill.<\/p>\n

The Husband\u2019s Agreement<\/strong><\/p>\n

The parties got married in 1998.\u00a0 The husband worked as a financial advisor starting in the early 2000s.\u00a0 He entered into a \u201cNon-Compete Representative Agreement\u201d with a financial services company in late 2014.\u00a0 The agreement stated he would solicit security purchases as an independent contractor of the company and be compensated on a commission basis. He earned 35% for business written after June 1, 2014, and 52% for business written before April 1, 2014.\u00a0 He could increase his earning to 64% for business written before April if the \u201cnet GDC\u201d was greater than $700,001.\u00a0 The agreement also provided that the husband could only continue business with the clients listed in Exhibit B after the agreement was terminated, but no Exhibit B was generated.<\/p>\n

The divorce decree was signed at the end of February 2023. The court found the right to receive a greater commission for business written before April 1, 2014 was not a material asset to be divided but was income earned for services and constituted the husband\u2019s \u201cfuture separate property.\u201d\u00a0 The court also found no commercial good will was transferred to the company because of the husband\u2019s employment with the company or the agreement.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The court must divide marital property in a just and right manner in a Texas divorce.\u00a0 In some cases, the parties only have tangible or clearly identifiable assets such as real estate and back accounts.\u00a0 In other cases, however, there may be more abstract assets involved.\u00a0 A former wife recently challenged a property division, arguing […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239,4,86],"tags":[],"class_list":["post-2866","post","type-post","status-publish","format-standard","hentry","category-business","category-divorce","category-separate-property"],"yoast_head":"\nTexas Court Rejects Wife's Argument Husband Sold Commercial Goodwill — Texas Divorce Attorney Blog — July 7, 2024<\/title>\n<meta name=\"description\" content=\"The court must divide marital property in a just and right manner in a Texas divorce.\u00a0 In 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