Prenuptial agreement costs will vary depending on the agreement and its complexity as well as the assets you have. Often, lawyers will charge hourly fees when compiling these agreements and other will work on a flat fee.
Businessinsider says: “Typically, prenups cost around $2,500, but can cost more if you spend a while haggling out various issues.” – however on the low end you can expect at least am investment of $1,200 to $2,400 for a basic prenuptial agreement but again to quote Businessinsider: “…can cost more if you spend a while haggling out various issues.” It is important to understand this really only applies when your financial situation is not complicated. When it comes to the negotiation of issues that are far more complex or when you live in one of the countries major population centers, the cost can go up to $7,500 to $10,000 for each party involved in the prenuptial agreement.
Furthermore, GoBankingRates says: “Prenup price estimates are all over the map. One California firm says the average prenuptial agreement its attorneys write costs between $2,000 and $6,000 per person. Some charge a set fee; many charge by the hour. If you have no money, you have no prenup.” – Remember fees can change constantly, so it is a great idea to get a prenuptial attorney with experience to become part of the process as soon as you can.
When you think the average wedding in the US costs just under $27,000 and the average sale price of an engagement ring is a shade under $46,000 it puts the prenuptial agreement fees a little more in context – not to mention a prenuptial agreement offers you protection from a financial standpoint as you go forward in married life.
Prenuptial Agreement Cost Considerations
- The assets you have
- The complex details of the prenuptial agreement
- Where you reside
- The reputation and of the lawyer and the practice where they work
- Negotiations that take a prolonged time to resolve
- Lawyer fees for the prenuptial agreement
- The negotiation of complicated and complex issues
Long Term Considerations
It is very fair to say if you and your soon to be spouse are already discussing details of a prenuptial agreement you are way ahead of the curve compared to many couples. There is no doubt talking honestly about your future relationship will pay dividends over time. If a marriage fails, it is never easy and the stating of ground rules regarding finances at the outset of a marriage can be of great benefit to both parties at a later date.
Discussing Prenuptial Agreements
This can be a tough topic to raise. It is a good idea to have the prenuptial agreement in place at least thirty days before the date of the wedding but the papers should be drawn up months beforehand as this allows everyone to look over the paperwork fully and gather a comprehensive understanding of the prenuptial agreement. Obviously, it is best if you and your spouse can discuss this before the papers are initially written – people often do these six months or so before the actual date of the wedding. This allows sufficient time for financial goals to be stated and agreed upon as well as other factors like lifestyle options and come with some establishing rules as you go forward together in your relationship.
Source: OgborneEngaging, Michelle N. “How Much Does a Prenuptial Agreement Cost?” Ogborne Law, PLC, 4 Dec. 2019, https://ogbornelaw.com/prenuptial-agreement-cost/.
Source: Hoffower, Hillary. “You Don’t Need to Be Rich to Get a Prenup – Here’s How Much You Should Expect to Pay.” Business Insider, Business Insider, 20 Oct. 2018, https://www.businessinsider.com/how-much-does-prenup-cost-2018-10.
Source: Spengler, Teo. “9 Reasons a Prenup Isn’t Worth the Cost.” GOBankingRates, Toggle Navigation Back, 7 Mar. 2019, https://www.gobankingrates.com/saving-money/relationships/reasons-prenup-isnt-worth-cost/.