What can you and your partner spend $8,000 dollars on? Perhaps an amazing honeymoon to the Amalfi Coast or filling your new home with beautiful furniture? Well, for $8k, according to our 2024 survey of family law attorneys, that’s the average cost of a prenup these days. That’s a pretty hefty price tag. Spoiler alert: HelloPrenup offers a much cheaper option to get a prenup ($599). And while prenups are becoming more common, many couples are still unsure about the costs associated with drafting and enforcing these agreements. Depending on which route you go to get a prenup (using HelloPrenup or an attorney), the cost may differ. In this blog, we will explore the various costs associated with prenups and discuss how to minimize them.
What is a prenup?
Before diving into the different costs associated with drafting and enforcing a prenup, let’s discuss what a prenup actually is. A prenup is an agreement between two people who are about to get married. Prenups must be completed before the marriage takes place; otherwise, it is not valid. It generally includes topics regarding property division, alimony (i.e., spousal support), debt, inheritances, gifts, the marital home, death, and much more. The best news? Prenups aren’t just for the wealthy anymore–they’re for anyone who wants to protect the money they have now or will make in the future!
Cost of drafting the prenup
Did you know that the average prenup costs $8,000 per couple, according to one of our surveys to family law attorneys across the states? The price can vary dramatically depending on a bunch of different factors, such as where ou live and who you hire.
Factors that Influence Prenup Costs:
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Method of drafting: DIY platforms like HelloPrenup offer fixed fees ($599). Whereas, according to a HelloPrenup survey of family law attorneys, a prenup from a lawyer and not HelloPrenup costs an average of $8,000 per couple, with pricing influenced by location, experience, and billing methods (hourly vs. flat rate).
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Complexity of agreement: The more intricate your financial circumstances and specific requests within the prenup, the higher the potential cost.
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Negotiations: If you are going the route of hiring attorneys to draft and negotiate the agreement for you, then this can increase the cost if negotiations take a while. Going back and forth between attorneys takes the attorney’s time. Time = money!
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Geolocation: A prenup in Tulsa is going to be much more affordable than a prenup in Manhattan. Cost of living affects attorneys’ rates and how much they charge. However, HelloPrenup price stays the same regardless of where you live!
- Experience of the attorney: HIring a veteran prenup attorney versus a new grad, fresh out of law school, likely have pricing differences.
Cost of getting a prenup through mediation
There is another way to get a prenup outside of lawyers and the HelloPrenup platform. Mediation. This is a process where a neutral third party helps you and your partner to reach an agreement. The cost of mediation can vary depending on the mediator you choose and the length of the mediation. The cost of divorce mediation, in general, may be anywhere from $3,000 to $8,000.
Cost of enforcing the prenup in court
We hope you don’t need to ever enforce your prenup (because that means you’re getting a divorce), but if you do, there may be a cost to fight to enforce your prenup if your partner challenges its validity. If your partner does not challenge its validity, then you two can privately agree to follow the terms of the agreement, and there’s no real charge there to simply follow the terms that you agreed to.
However, let’s talk about what happens if you ever need to enforce your prenup because it’s being challenged. A lawyer will generally charge hourly for enforcing a prenup and resolving other divorce issues. If you live in a high-cost-of-living area and choose a lawyer with a ton of skill and experience, you’re going to be looking at a higher hourly rate and higher overall cost.
It is not very common that you would make it to a litigated divorce trial, as that takes a lot of time and money, and most people will decide to settle before it gets to that point. However, if you do make it to the litigated divorce trial to enforce your prenup, there are lots of miscellaneous expenses involved. Let’s break down the costs of enforcing a prenup in a litigated divorce trial:
- Legal Fees: Both sides will have to pay for the services of their own attorneys (unless stipulated otherwise). The legal fees can be substantial, especially if the case goes to trial.
- Court Fees: There are fees associated with filing a lawsuit and going to court, such as filing fees, service of process fees, and fees for experts or witnesses.
- Discovery Costs: During the discovery process, both sides will have to gather evidence to support their case. This can include document production, depositions, and expert witness testimony. These costs can be high.
- Appraisal Costs: If the prenup involves the division of real property or other assets, it may be necessary to hire appraisers to determine the value of the assets.
- Mediation or Arbitration Costs: In some cases, the couple may choose to go through mediation or arbitration to resolve disputes rather than go to court. These processes can be less expensive than a court battle, but they still have costs associated with them.
Managing prenup costs: Tips for savings
Don’t let legal costs break the bank! Here are some ways to create a prenuptial agreement without breaking your budget:
1. DIY Platforms:
- Consider services like HelloPrenup, offering fixed-cost prenups ($599) and fixed-rate attorney services. This is usually cheaper than traditional attorney routes.
2. Seek Flat-Fee Lawyers:
- Some attorneys offer flat-rate packages for drafting prenups (such as the attorneys available through HelloPrenup), potentially saving you money compared to hourly billing.
- Attorney hourly fees vary widely ($100-$1000+/hour), so shop around for the best rate.
3. Keep it Simple:
- A straightforward prenup reduces the attorney’s drafting time, meaning lower costs for you.
- Minimize negotiations – fewer billable hours equal more savings.
4. Opt for Mediation:
- Mediation is often cheaper than going to court, as you may only have to split the mediator’s hourly rate.
- Include a mediation clause in your prenup, requiring mediation before any court filings.
The bottom line on prenup costs
In conclusion, prenups can be super helpful to many different people. However, there are costs associated with drafting and enforcing these agreements. The cost of drafting a prenup, on average, is $8,000 per couple, while the cost of enforcing a prenup can range greatly. To minimize the costs associated with prenups, couples can choose a lawyer who charges a flat fee, negotiate a simple and straightforward prenup, and choose to mediate their prenup rather than go to court. It’s important to consider these costs when deciding whether to enter into a prenup.
Nicole Sheehey is the Head of Legal Content at HelloPrenup, and an Illinois licensed attorney. She has a wealth of knowledge and experience when it comes to prenuptial agreements. Nicole has Juris Doctor from John Marshall Law School. She has a deep understanding of the legal and financial implications of prenuptial agreements, and enjoys writing and collaborating with other attorneys on the nuances of the law. Nicole is passionate about helping couples locate the information they need when it comes to prenuptial agreements. You can reach Nicole here: [email protected]
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