How much does a prenup cost?

Prenuptial agreements are a practical and popular choice for today's couples, offering many ways to protect their finances and legal rights. Such a legal document outlines how to divide assets in case the marriage ends. It also fosters open and honest communication about other marital responsibilities between future spouses. 

The cost of a prenup can vary significantly, ranging from $1,000 to $10,000. Many factors influence the final price. There are also several cost-saving strategies you can implement that will protect your rights and assets during and after marriage without breaking the bank. 

Typical costs involved in a prenup

There are several factors to consider as part of your prenup costs. Here are all the things you should expect to pay for. 

Attorney fees

The big-ticket item in drafting and enforcing your prenup is legal fees. Getting your own prenup lawyer is advisable, and most states require separate legal representation. 

Most lawyers have a set hourly rate and bill you based on the time they spend on your case. This could include time spent helping you understand clauses a prenup can cover, negotiating with the other party, and drafting the agreement. Some attorneys also charge a consultation fee to meet with you to discuss the requirements for your prenup. 

Appraisal or financial adviser costs

Suppose you or your future partner have substantial assets, including businesses, multiple bank accounts, real estate, and other high-value investments like retirement accounts and stocks. In that case, drafting your prenup might involve calling in some additional experts, like property appraisers or tax specialists. Also, if you decide to set an amount for spousal support, the assistance of a vocational consultant might be required. These experts can help determine a fair value of your possessions, understand tax implications, and provide both parties with a comprehensive financial picture. But they come at an additional fee you’ll have to factor in. 

Administrative costs

These costs are typically included under attorney fees, but knowing what they entail is helpful. Administrative costs may include expenses for copying, delivering documentation to other parties, notarization, and administrative overhead charges of the law firm.  

Court fees

Drafting a prenup is a private matter that doesn’t involve the courts. So, this expense would only be applicable if you have to enforce the marital agreement (which we hope you don’t). There are court filing fees or service of process fees associated with divorce and other motions. 
The average cost of drafting and reviewing a prenup: 

• Drafting a simple prenup: $890
• Reviewing a prenup: $510

Factors that affect the cost of prenuptial agreements

As mentioned earlier, the cost of prenups varies significantly based on where you live and how many assets and debts you have. Let’s take a closer look at how the following variables influence prenup costs. 

Location

Just as utility rates and rent automatically increase in a prime area, attorneys from the top U.S. metropolitan cities with higher living costs tend to command premium fees. The prenup cost in Los Angeles or New York City would be more than it would be in a small town in Kansas or Iowa. Living in coastal cities such as Boston, Seattle, or Miami can be more expensive than living in inland cities.

Therefore, if you need to hire attorneys from such coastal cities, you can expect to pay a higher billing rate. 

Lawyer’s reputation and experience 

One of the major price fluctuations comes from the lawyer’s experience and credibility. If you opt to go with a top-notch prenuptial agreement lawyer with more than a decade of experience who is also featured in the local law magazine, you can expect them to charge top dollar. A fresh graduate or someone just setting up their practice might provide a lower, more affordable fee structure. 

Complexity of finances

If your agreement is pretty straightforward and covers only a few assets and debts, the cost could be on the lower end of the range. However, say the agreement requires more detail and involves multiple assets and debts. In that case, the final expense will be higher because it might require the use of experts and will require more time from the lawyer. 

Additionally, the prenup cost can be even higher if there are complicated issues such as estate planning, children from a previous marriage, or spousal support, as these issues take longer to iron out. 

Number of negotiations and special provisions

Fighting and haggling over each provision of a prenuptial agreement can quickly stack up the bill. Including special requests or additional provisions to address who will take care of the bills or who will raise the kids will again increase the figures. Why? Because all the back and forth takes up your lawyer's time and adds to their workload. If you and your partner can agree on marriage terms quickly, the prenup costs will be lower. 

Drafting method

The timing and method used to draft the agreement can also impact the amount of money you’d have to pay. Using the services of a family law attorney to draft the agreement from the get-go can hike up your expenses. An alternative is to use an online prenup drafting service and then get an experienced lawyer to review the terms to ensure they are legally enforceable and protect your interests. 

Tips to reduce your prenuptial agreement expenses

Don’t let the cost of a prenup steer you away because there are ways to reduce the final figure and make it work for your budget. As a couple, you can: 

• Choose a lawyer who charges a flat fee over an hourly rate.
• Look at fixed-rate prenuptial agreement service providers, like LegalZoom, that provide access to experienced lawyers.
• Use a hybrid method, where you use a prenuptial agreement template to draft the terms but then get an experienced lawyer to review it before signing.
• Agree on basic terms of assets and debts division to minimize back and forth as it cuts billable hours.
• Request the lawyer to use a task-based billing system, where only specific issues are handled by the primary attorney, and the rest are managed by paralegals.
• Opt to mediate the prenup (remember to include this provision in the draft).
• Do your own research on state laws and validity requirements of a prenup, reducing the time the lawyer spends editing or altering the agreement.
• Organize and present a complete financial picture (including bank account information, tax returns, and property appraisals) so the lawyer can quickly get an overview of your financial standing.
• Request electronic copies of documents and look at affordable delivery providers to reduce administrative charges.

Is a prenup worth it?

It’s a personal choice, but we’d say, “Yes, a thousand times over.” A prenup provides control over family money, assets, investments, inheritance, and everything else you possess. Without a prenup, you leave control over the distribution of all your assets to the judge's interpretation of the state law on property distribution.

Imagine this: You’re running a profitable family business and end up filing for divorce. If the judge defines the family business as community property instead of pre-marital property, you could stand to lose half of the ownership to your partner even if they didn’t contribute to the company. That's a costly mistake you'd want to avoid.

Also, the cost of prenups is nothing compared to the expenses of a divorce, which average between $7,000 and $23,000. So, in the long run, a prenup is a smart financial move that will save money (and a lot of it) if you go to trial.

Although a premarital agreement might seem like an expensive affair at first glance, don’t let the cost of a prenup dissuade you. Prenups offer peace of mind, protect your financial rights, and facilitate open communication between you and your future spouse so you can continue to put your love on top throughout your relationship. 

FAQs ​​about prenuptial agreements

Can I draft my own prenup?

Yes, you can, but remember, it’s a legally binding document. Any drafting errors, like including child custody provisions or vague terms, in this legal contract can invalidate the document and leave you in an unfavorable financial situation. Working with a prenup lawyer will increase your confidence because now you know that you’ve crossed all of the T’s and I’s during the process and have done your best to protect your best interests. 

How long does it take to draft a prenup?

The exact drafting of a simple prenup could take between two to three weeks. But that doesn’t mean you wait until then to discuss prenups. 

The most proactive approach is to have your prenup talk in the early stages of your wedding planning process. It’s easier to have open and honest communication about property division, expectations from the marriage, and other financial matters when stress levels and emotions are manageable. We suggest starting the prenup conversation with your future spouse at least three to six months before your official marriage date. 

How much does a divorce cost?

According to a 2019 Martindale-Nolo study, the average cost of a divorce is $11,300, with the actual range being between $7,000 and $23,300. According to Forbes Advisor, the average price is $7,567, with California being the most expensive state to get a divorce in. 

Both studies state that the expected figure can change based on your location, the lawyer’s experience, the complexity of terms, and whether you go to the courts. So, if you’re living in California or New York, own high-valued property, and go to trial, you can expect your divorce expenses to be on the higher end of the spectrum. 

When should a couple get a prenup? 

A well-crafted prenuptial agreement is a wise and beneficial document for couples of all ages and from all walks of life. A prenup can be particularly advantageous when one or both parties have significant wealth and assets, expect future inheritances, operate businesses, or have children from a previous relationship.

Does the cost of a prenup vary by state?

Yes, they do if you hire a lawyer to do it all for you. But, the rate can remain unchanged if you choose an online service such as LegalZoom.