81R772 KKA-D
By: Frost H.B. No. 2568
A BILL TO BE ENTITLED
AN ACT
relating to the marital property interest in certain employee
benefits.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. 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 2. Sections 3.007(a), (b), and (f), Family Code,
are repealed.
SECTION 3. The change in law made by this Act 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 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.