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A BILL TO BE ENTITLED
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AN ACT
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relating to the marital property interest in certain employee |
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benefits. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 3.007(d), Family Code, is amended to |
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read as follows: |
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(d) A spouse who is a participant in an employer-provided |
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stock option plan or an employer-provided restricted stock plan has |
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a separate property interest in the options or restricted stock |
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granted to the spouse under the plan as follows: |
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(1) if the option or stock was granted to the spouse |
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before marriage but required continued employment during marriage |
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before the grant could be exercised or the restriction removed, the |
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spouse's separate property interest is equal to the fraction of the |
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option or restricted stock in which: |
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(A) the numerator is the period from the date the |
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option or stock was granted until the date of marriage and, if the |
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option or stock also required continued employment following the |
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date of dissolution of the marriage before the grant could be |
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exercised or the restriction removed, the period from the date of |
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dissolution of the marriage until the date the grant could be |
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exercised or the restriction removed; and |
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(B) the denominator is the period from the date |
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the option or stock was granted until the date the grant could be |
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exercised or the restriction removed; and |
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(2) if the option or stock was granted to the spouse |
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during the marriage but required continued employment following the |
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date of dissolution of the [after] marriage before the grant could |
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be exercised or the restriction removed, the spouse's separate |
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property interest is equal to the fraction of the option or |
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restricted stock in which: |
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(A) the numerator is the period from the date of |
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dissolution [or termination] of the marriage until the date the |
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grant could be exercised or the restriction removed; and |
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(B) the denominator is the period from the date |
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the option or stock was granted until the date the grant could be |
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exercised or the restriction removed. |
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SECTION 2. Sections 3.007(a), (b), and (f), Family Code, |
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are repealed. |
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SECTION 3. The change in law made by this Act applies to a |
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suit for dissolution of a marriage pending before a trial court on |
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or filed on or after the effective date of this Act. |
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SECTION 4. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |