Amend SB 228 on third reading by adding the following
appropriately numbered sections and renumbering the sections of the
bill accordingly:
SECTION ____. Section 3.007(d), Family Code, is amended to
read as follows:
(d) A spouse who is a participant in an employer-provided
stock option plan or an employer-provided restricted stock plan has
a separate property interest in the options or restricted stock
granted to the spouse under the plan as follows:
(1) if the option or stock was granted to the spouse
before marriage but required continued employment during marriage
before the grant could be exercised or the restriction removed, the
spouse's separate property interest is equal to the fraction of the
option or restricted stock in which:
(A) the numerator is the period from the date the
option or stock was granted until the date of marriage and, if the
option or stock also required continued employment following the
date of dissolution of the marriage before the grant could be
exercised or the restriction removed, the period from the date of
dissolution of the marriage until the date the grant could be
exercised or the restriction removed; and
(B) the denominator is the period from the date
the option or stock was granted until the date the grant could be
exercised or the restriction removed; and
(2) if the option or stock was granted to the spouse
during the marriage but required continued employment following the
date of dissolution of the [after] marriage before the grant could
be exercised or the restriction removed, the spouse's separate
property interest is equal to the fraction of the option or
restricted stock in which:
(A) the numerator is the period from the date of
dissolution [or termination] of the marriage until the date the
grant could be exercised or the restriction removed; and
(B) the denominator is the period from the date
the option or stock was granted until the date the grant could be
exercised or the restriction removed.
SECTION ____. Subchapter B, Chapter 4, Family Code, is
amended by adding Section 4.107 to read as follows:
Sec. 4.107. LIMITATION OF ACTIONS. A statute of
limitations applicable to an action asserting a claim for relief
under an agreement under this subchapter is tolled during the
marriage of the parties to the agreement. However, equitable
defenses limiting the time for enforcement, including laches and
estoppel, are available to either party.
SECTION ____. Subchapter C, Chapter 4, Family Code, is
amended by adding Section 4.207 to read as follows:
Sec. 4.207. LIMITATION OF ACTIONS. A statute of
limitations applicable to an action asserting a claim for relief
under an agreement under this subchapter is tolled during the
marriage of the parties to the agreement. However, equitable
defenses limiting the time for enforcement, including laches and
estoppel, are available to either party.
SECTION ____. Sections 3.007(a), (b), and (f), Family Code,
are repealed.
SECTION ____. The change in law made by this Act to Section
3.007, Family Code, applies to a suit for dissolution of a marriage
pending before a trial court on or filed on or after the effective
date of this Act.
SECTION ____. The changes in law made by this Act by the
addition of Sections 4.107 and 4.207, Family Code, apply to an
agreement under Subchapter B or C, Chapter 4, Family Code, without
regard to whether the agreement was made before, on, or after the
effective date of this Act.