So, you want a prenup. Good for you! We’re glad you’re here. Next on your list: figure out how much this thing costs. With all the wedding expenses, engagement parties, honeymoon travel, bachelor/bachelorette parties, and bridal showers, it’s beginning to add up. We get it; it’s a lot! Not to worry, we’ve got some answers for you on the legal cost of getting a prenup. The long and the short of it is that the legal cost of a prenup with HelloPrenup is just $599 per couple. But, if you want to weigh out your options and see what else is out there, keep reading to find out how much a prenup costs with a family law lawyer.
What is a prenup?
A prenuptial agreement, sometimes called a prenup, is a legally binding document signed by two parties about to get married. A prenup is effective upon the marriage of those parties. A prenup typically predetermines certain issues like property division and alimony (i.e., spousal support) in the event of a divorce. Hopefully, after signing the prenup, you will never have to think about it again. However, sometimes it comes in handy if you and your boo call it quits.
What can you include in a prenup?
A prenup usually covers financial topics like property division and alimony, but you can also include non-financial topics like confidentiality clauses. Here is a list of some of the topics you can include in your prenup:
- How to treat property owned by you before the marriage
- How to treat property accrued during the marriage
- Whether or not you both want to be subject to alimony
- How to handle debt
- Whether or not you will maintain a joint bank account
- Confidentiality clause
- Social media image clause
- Pet clause
- Life insurance clause
This is not an exhaustive list, but rather something to get your wheels turning to understand the types of things you may include in a prenup.
On the other hand, you may not include certain off-limit topics in a prenup, such as child support and child custody, unconscionable terms, and unlawful terms.
Cost of a prenup lawyer
This is not a straightforward question that we can answer for you. There’s no hard and fast number that a prenup costs for every person in every state. However, depending on your case, state, and attorney skill level, a prenup can cost anywhere from $2,500 to $10,000 or more. On average, the cost of a prenup hovers around $2,500 if you have a fairly simple case. With HelloPrenup, the cost is very straightforward: $599 per couple! That’s it! No tricks, no hidden fees, and no scary costs. It’s just a one-time $599 fee for one awesome prenup.
If you are going the traditional route of only hiring an attorney (and not using HelloPrenup), the cost of a prenup can vary based on several factors:
- The state you live in. A prenup lawyer in San Francisco will likely be much more expensive than one in South Dakota. This is simply based on the cost of living and how much a lawyer needs to charge per hour.
- The skill level of the attorney you hire. You may be looking at a higher rate if you hire a well-accomplished, experienced, and successful prenup attorney versus a newbie with minimal notches on his belt.
- The complexity of your case matters. If you have one house and $10,000 in the bank and your spouse has nothing, you are probably looking at a fairly straightforward case. On the other hand, if you have three businesses (one is intertwined with your spouse), multiple investment funds, tons of real estate, multiple inheritances, gifts coming in from parents left and right, and lots of debt from multiple sources, then you’re probably looking at a more complex scenario.
How does a prenup work?
A prenup is hopefully never used, but sometimes the inevitable happens, and you and your honey split. Couples often execute their prenup and never have to look at it again! That’s the dream. Okay, so how does it work? In a prenup, you can both agree on what should happen to things like property in the event of a divorce. If you ever have to invoke the prenup because you are getting a divorce, as long as it is valid, you won’t need to go back and forth arguing over certain issues, as they have already been decided in your prenup. This saves you time in the courtroom and in your attorney’s office. Not to mention the money you’ll save on legal fees.
Benefits of a prenup
Despite what many may think, prenups can be for everyone, not just for the rich and famous. A prenup can benefit people even with modest or no assets (yet). For example, you can protect future inheritances and protect yourself from your partner’s debt in a prenup. At the end of the day, prenups can help anyone. Here are the ways in which a prenup can benefit you:
- A prenup gives you peace of mind (that’s why we like to call it “marriage insurance”). You never think or hope your marriage will come to an end, but playing it safe can help put you at ease.
- The process of getting a prenup creates open and honest communication. You will be forced to discuss uncomfortable topics you may not have discussed before. You will really get to know your partner on a deeper level because of this.
- You and your partner will be aligned before even starting the marriage. A prenup requires you to be on the same page regarding financial and life goals and expectations of one another.
- A prenup saves you money by predetermining issues you may have otherwise spent disputing in divorce court.
- A prenup saves you time by reducing the number of hours your attorney has to work because you and your ex-spouse have already decided on certain issues like property division.
- A prenup saves your sanity by reducing the time and money spent in an already emotionally exhausting process. (More time wasted + more money spent = more stress)
- Puts you and your partner in the driver’s seat when it comes to your stuff. Otherwise, you will be letting a judge decide on certain issues if you get a divorce.
- Prenups can protect your assets for any children from another relationship.
- Prenups can protect your family’s wealth by keeping any inheritances and gifts separate.
- Prenups can protect your businesses, real estate, retirement funds, bank accounts, precious artwork, crypto, and much, much more.
- A prenup can balance out an uneven power dynamic in a couple by balancing the financial playing field. If one partner is significantly more wealthy than the other, a prenup can provide the less wealthy partner with more property than they entered the marriage with in a divorce, which in turn gives them more agency in the relationship.
Still need convincing? Watch this quick video on three reasons you should get 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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