Texas couples who plan to get married in the future many want to consider completing a prenuptialagreement. Prenups are not just for couples who have significant wealth or who have financial disparities. They are legal contracts that provide a way for all couples to be completely open about their financial status before they get married.
Prenups can be beneficial for a variety of reasons. They provide protections for personal and business assets that were obtained before the marriage and for any assets intended for the children of a previous marriage. Prenups can specify which assets should be given to their children or any other family members if an individual dies. Having a prenup can also eliminate the conflicts regarding finances and assets that can arise during a divorce.
While having a prenup is useful, it may pose some disadvantages of which couples should be aware. If it is determined that there was duress, fraud, or lack of representation when the document signed, it can be invalidated. Having a prenup may give the impression that partners do not trust one another. It can also give the impression neither partner wants to make a lifelong commitment to one another.
As pre-marital agreements are contracts, they are subject to all applicable state contract law. Like any contract, if it is determined that one of the parties was fraudulently induced to enter into it or was forced to sign it under duress, it could be voidable by a court in a subsequent proceeding. This is why attorneys will tell their clients that they should disclose all pertinent financial and other information and that the agreement should be negotiated and signed well in advance of the wedding date.