The perception that only wealthy people benefit from prenuptial agreements is rapidly falling by the wayside. However, prenups do cost money to set up. If your means are modest, you may wonder if you can afford a prenup in addition to your projected wedding expenses.
Generally speaking, a couple with straightforward finances can expect to pay between $1,200 and $2,400 to establish a prenuptial agreement. However, this can vary based on several different factors. The time it takes to create the agreement plays a significant part because estate planning attorneys typically charge by the hour.
- Complex situations
You may own a stake in a business, or you may have a trust intended to protect your assets. These can create complex situations that take more time to sort out. The more time it takes to create a prenuptial agreement, the more expensive it will be.
- Negotiations with your future spouse
It may take some time for you and your partner to reach an agreement about the terms of your prenup. The extra time again translates to increased costs.
- Where you live
The cost to create a prenuptial agreement varies geographically, meaning that it costs more in some areas than in others. If you live in an urban area, for example, you can typically expect to pay more for your prenup than if your location is more rural. The determining factor may be the cost of living in your area, which also affects legal fees.
- The attorney you choose
An experienced and reputable attorney may charge you more to craft your prenuptial agreement. However, you want to be sure that your prenup is valid and free of any errors. The money you spend now could save you much more in the future.
Like insurance policies, prenuptial agreements are not very romantic. However, both serve to protect you in case of an unexpected adverse event that can change your life forever.