BEST OVERALL
Putting a prenuptial agreement in place before your wedding day is a wise decision. It helps financially protect you and your future spouse should things go south. According to the American College of Trust and Estate Counsel, a prenup is a legally binding contract signed by both partners before getting married. It puts into writing how the couple will divide up assets and debts such as homes, cars, and credit card balances in the case of a breakup.
But, getting a prenup costs money, of course, since it involves legal services. So, you’ll want to factor it into your overall wedding budget.
According to SmartAsset, drafting and officializing a prenuptial agreement will cost anywhere from $1,000 to $10,000. And, in general, the average cost of a prenup is $8,000, according to a survey conducted by SmartAsset.
While that sounds like a large range, it takes into account varying scenarios. If a couple doesn’t have a lot of assets and has a pretty clean division of assets, then writing up a prenup won’t require as much in legal fees. Yet, more complicated matters with substantial assets will end up requiring more hours of work and will come with a larger bill. Location and expertise also come into play with the final cost.
Here’s what really affects the cost of a prenup — you’re essentially paying double. Many couples are surprised to learn they’ll need two lawyers to draft the document. Both partners in the marriage cannot use the same family law attorney, as that would be a conflict of interest. Each person must seek legal counsel separately — which means two different lawyer fees.
Some attorneys may charge an hourly fee for legal services. If your financial situation is complex, the hourly cost can soon rack up. Other lawyers may charge a flat rate for prenup services. This may seem more costly upfront, but it could save money if your situation is complicated. Your best bet is to contact a few attorneys and weigh their fees against what you need out of a prenup.
Your location will affect the cost of the prenup. If you and your future spouse live somewhere with a high cost of living, lawyers in the area will likely charge more. If you live in a region with a lower cost of living, your fees will likely reflect that, too.
According to Statista, in 2023 the three most expensive states for lawyers fees were:
The three most affordable states for legal fees were:
As you might assume, a well-accomplished family law attorney with a lot of experience will charge a higher fee overall, whereas a lawyer fresh out of law school will have cheaper fees.
This doesn’t mean the more novice lawyer isn’t as qualified as the veteran choice, but if you have a complicated situation when it comes to marital assets, you might want to seek legal counsel with someone a bit more experienced with those kinds of scenarios.
A large number of assets and debts — from joint bank accounts to jewelry to real estate that could be considered marital property — can quickly drive up a prenup’s cost as it will take more time to negotiate.
If you and your future spouse have substantial assets, sort and record that list before you approach an attorney. Doing so will save their valuable time and your valuable money.
Deciding on agreement terms can take considerable time. Going back and forth will drive up lawyer fees. So, it’s best to iron out your terms before hiring a prenup lawyer to draft the legal contract.
Here are some questions to consider:
A prenup must be fair for both parties to be valid. Another important note is anything involving child custody or child support cannot be included in a prenup since children are not considered “property.”
Involving other family members — for example, children from a previous marriage who may have strong views on what happens to certain assets and personal property — can complicate and lengthen the process of drafting the legal contract, also increasing the cost.
If your requirements are pretty straightforward, you can bypass working with a prenup lawyer and instead buy legal documentation services online. For example, HelloPrenup offers a fully online service starting at $599. Their services are state-specific and notarized so it’ll be a verifiable legal document just like a lawyer-drafted prenup.
Alternatively, if you and your partner are willing to write your own prenup, you can save money on the overall prenup attorney cost, as all they’ll need to do is notarize it to make it legal.
You can write your own prenuptial agreement and sign it without a lawyer’s help. However, doing so risks legal validity. Notarizing the document with a lawyer’s help ensures the prenup is a legally binding contract.
The average cost of prenup agreements tends to come out around $8,000. In most cases, the cost to get a prenup ranges from $1,000 to $10,000. If your case is pretty straightforward, expect to pay about $1,000–$2,000.
You can write a prenup yourself, but it is still highly advisable to get it notarized by an attorney since this will protect its validity if the contract is ever challenged during divorce proceedings. Self-written prenups may also not be state-compliant — another reason to use an attorney. Always check your state’s legal requirements before making a decision.
The majority of prenup costs comes from attorney fees. Many attorneys charge hourly, so if your financial situation is complex, the cost will be more, as drafting and finalizing the contractual agreement will require more time.
Everyone can benefit from a prenup. Whether you’re a millionaire with many assets or you have a modest income and a single home, a prenup protects both you and your future spouse financially. This ensures a fair outcome for everyone should you decide to separate.
A basic prenup will likely cost around $1,000-2,000. The cheapest prenups are available online. For example, HelloPrenup offers services for $599.
There’s so much that goes into planning a wedding, it can feel overwhelming. Rest assured The Groom Club has you covered with articles on just about any topic, whether you’re looking for advice on budgeting or getting the right wedding insurance, planning an epic bachelor party, or where to go on your honeymoon.
Subscribe to our newsletter and never miss an info-packed article!
