There’s another sound associated with weddings that isn’t quite as fantastical as bells – and that’s “money, money, money.”
It’s no secret that weddings are an expensive endeavor. In fact, CNN Money reports that as of 2016, the average wedding in the United States costs a whopping $35,329.
The catering, the cake, decorations – it’s admittedly quite a bit to spend on just one day. While adding another expense to your list may seem like the last thing you want to do when planning your wedding, can you truly put a price on something that could save you thousands, if not millions, in the long run?
Of course, we’re referring to a prenuptial agreement, or a ‘prenup’. While prenups seem to be inaccurately denoted as something only the rich need to bother with, getting a prenup is a smart idea for any couple on their way to be wed. The good news is, while you don’t need to be rich for a prenup to have value to you, you also don’t need to be wealthy in order to afford a prenup.
There are a few different paths one can go down when it comes time to create a prenup on a budget. In order to avoid spending all of your hard earned “money, money, money,” it is important that you consider your options. To start, it’s important to remember that a prenup is pretty much like any other contract. It contains clauses, and the entire document needs to be agreed to and signed by all parties involved – those parties, of course, being you and your spouse. The most traditional method of prenup writing is for each party (you and your spouse) to hire separate legal counsel, and have them work out the negotiations. However, this isn’t the only way to do things. In fact, prenups don’t necessarily require the presence of a lawyer at all. Most states simply require that the parties had the opportunity to hire an attorney. Though, the risk factor seen in drafting a prenup without attorneys, is of course, winding up with a contract that is legally null and void.
But, the beauty of modern technology reigns supreme once again, and nowadays, there is an option that enables those looking to create a prenup online- HelloPrenup, of course! So, how much does it cost to get a prenup with HelloPrenup? Only $599! Later in the article, we’ll speak to why our particular service is especially preferable when compared to other online options.
If you decide to go the traditional route and hire attorneys to represent both you and your fiancé, like any legal process, the fees associated are going to differ greatly depending on the attorney you hire. According to Business Insider, the cost of a traditional prenup could range from $2,500 to $10,000+ per partner. If you’re dealing with an attorney, you need to remember that pretty much all of the time you spend with them is on the clock- they usually bill by the hour. Therefore, the more straightforward your finances are, the less negotiations there are to work through, means the cheaper your prenup fees will likely be.
It’s also worth noting that like most things, prenup prices can differ severely depending on the geographical location you get yours drafted in. For example, getting your prenup drafted by a lawyer in Manhattan, NY is likely going to be pricier than getting your prenup written up in a rural area of Alabama. Of course, you don’t necessarily get to choose a lawyer in rural Alabama unless you plan to live in Alabama as a married couple.
In addition, the reputation of a firm is also going to have an impact on the costs you’re facing. Naturally, the more renowned the counsel is, the more you’re going to be charged. The upside to this, is that if your prenup is in any way complex, hiring a more renowned attorney often means a higher quality prenup. There are varying standards of compliance from state-to-state, so having a knowledgeable counsel who can ensure strict standards of enforceability for your particular state’s prenup is vital.
If you do go down the traditional prenup route, there are, of course, steps you can take to help ensure costs stay low. The more you talk to your future spouse about your preferred terms, the better. It’s especially wise to get the more emotional clauses – like inheritance or alimony requirements, sorted out between you and your partner before you seek counsel. Again, the less time spent haggling out terms with attorneys, the less cost to you. This is one area where HelloPrenup can help you save on cost, even if you choose to hire an attorney. By creating a ‘base’ prenuptial agreement prior to hiring counsel, significantly fewer hours will be accrued, meaning the prenup will cost you less.
Another thing to consider when having a prenup drafted is how you and your partner will split the costs. If you hire an attorney to sort out the details for you, it’s the most sensical and the most common approach, that you and your partner would each pay for your respective legal services.
Drafting Your Prenup Online
The benefit in drafting your own prenup is that it will likely save you a significant amount of money. The main fear associated with not hiring attorneys to sort out your prenup is, as we mentioned earlier, the legal validity of your prenup. While there are a variety of sites offering do-it-yourself legal document forms like wills and prenups, there is an understandable amount of uneasiness associated with the validity of these documents. And, for most of the online prenup document creation services out there, that suspicion is well warranted. Most of the online document creation sites available today output a prenuptial agreement that is neither enforceable nor compliant with state requirements. And, that’s why we created HelloPrenup in the first place!
Prenup Drafting with HelloPrenup
HelloPrenup allows you to build a customized prenup that fits you and your fiancé’s unique situation. With the use of detailed questions, HelloPrenup allows users to “opt-in” using important clauses that address issues like pre-marital property, martial property, inheritance, spousal support and more. In addition, when it comes to certain state specific requirements, HelloPrenup is the only online prenup creation service that follows strict standards for validity. State compliance is a key component if you want your prenuptial agreement to stand the test of time. And, following state requirements significantly increased the likelihood of enforcement of your prenup.
An added but very important benefit to HelloPrenup? HelloPrenup charges a flat fee of just $599 per couple, as opposed to thousands of dollars using a traditional attorney.
Related read: “The Talk” aka All About Finances
Julia Rodgers is HelloPrenup’s CEO and Co-Founder. She is a Massachusetts family law attorney and true believer in the value of prenuptial agreements. HelloPrenup was created with the goal of automating the prenup process, making it more collaborative, time efficient and cost effective. Julia believes that a healthy marriage is one in which couples can openly communicate about finances and life goals. You can read more about us here Questions? Reach out to Julia directly at [email protected].