Feb
7
2024
Cost Of A Prenuptial Or Postnuptial Agreement
I have written about how a prenuptial or postnuptial agreement can be an element in an effective financial plan or an estate plan. Many people believe that it is very expensive to have a prenup or postnup drawn up. The expense will depend totally on the situation and may not be nearly as large as you might think.
*The costs discussed in this blog are merely estimates of standard costs in a fairly simple situation. Costs will vary widely depending on a large number of variables that can come into play, as discussed herein.
Factors That Determine The Cost Of A Prenup
1. Numbers And Types Of Assets Owned By The Parties
If a prenup or postnup is needed at all, the parties probably have a number of assets, or at least assets of a specific type or history, that lead them to seek the protection of such an agreement. If only one or two properties are involved, the agreement will be simpler and less expensive. The cost still depends, however, on the other factors.
2. Conditions To Be Set Out In The Agreement
A prenup or postnup can cover a broad range of subjects dealing with conditions to be placed on each party's ownership, management, use of, and access to income from the properties. Special provisions can be made for how one spouse's separate property may be used to support the other spouse, both during the marriage and after the death of that spouse.
The agreement also may set out a division of property in the event of divorce and upon the death of each party. The complexity of the agreement in setting out all these conditions is a big factor in determining the cost.
3. Difficulty Getting Family Members On Board
Parties drawing up a prenup or postnup likely have children from a prior marriage who may have strong opinions. These family members often have a strong influence over the parties on what terms should be included regarding the preservation of their parent's separate property. I have found that satisfying these family issues can sometimes greatly complicate the drafting of the agreement and add to the cost.
4. Follow-Up Steps Needed To Implement The Agreement
After the agreement has been drafted, there may be follow-up steps needed to fully implement the terms, such as:
- Placing notice of certain restrictions on the use of assets of public record
- Notifying third parties holding assets of specific terms of the agreement
These steps also may add to the cost.
Save Money And Stress With A Well-Drawn Prenup Or Postnup
In conclusion, the ballpark cost of having a prenup or postnup prepared and evaluated can range anywhere from about $1,000 to several thousand dollars, depending on all of these factors.
This is a situation where, if the parties have property of significant enough value to warrant the protection of such an agreement, they should be willing to spend what it takes for an attorney to accomplish that successfully.
A well-drawn prenup or postnup can save thousands of dollars in legal fees in a divorce or estate proceeding, where what property belongs to each spouse is clearly set out so that elaborate tracing of assets can be avoided.
If you would like to talk more about probate or the administration of an estate, please call Adair M. Buckner for a free initial consultation.*
*(The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)
** Please remember that the cost estimates given are only general, ballpark numbers for the Amarillo area and the costs can vary widely depending on many variables in your individual situation.
TESTIMONIALS
Mrs. Buckner did a full estate plan for me. Her work was excellent, her communication was great, and the price was reasonable. I would highly recommend her for your estate planning needs.
When my husband passed away, I contacted the attorney that we had used to prepare our wills but was unhappy with his attitude of indifference. I discovered Adair Buckner and all of my issues were resolved. Adair is professional, compassionate, and extremely knowledgeable. She saved me a large amount of money by processing my will in the appropriate manner to best suit my situation.
We appreciate Adair Buckner’s professional and personable service. Our legal needs were met promptly and succinctly. We would not hesitate (and do!) recommend her to our family and friends.
Adair drew up a beautiful power of attorney and Will for my father in a timely manner. I highly recommend that you use her. She’s a wonderful lady.
This was as painless as it gets to hire an attorney in Amarillo Texas. Handled all the estate needs and never had to appear in court. You won't find any better and I use Attorneys quite often in my line of work.
It was way past time to finally get our Wills completed. This was something that was extremely complicated for us, but Adair and her assistant never made us feel like we were bothering them...and we (I) bothered them...a lot! Things were explained to us in a way that we could understand easily. Extremely professional and knows her stuff!
I was meeting with a financial advisor who encouraged me to finish my Will. He offices next door to an Estate Attorney, and voila, 'one-stop shopping]! Adair and her assistant Pennye made completing my estate planning fun, easy, and pleasant. I wholeheartedly recommend Adair Buckner!!
Trying to get our LLC changed over after moving to Texas was complicated, but Adair Buckner made the process so simple! We just gave her the details, and she handled everything quickly and professionally. Thank you, Adair, for making this part of our move stress-free!
Adair is very professional. She cares about her clients and explains everything very well. She makes you feel like a friend.
Losing my Mother and being appointed as Executor of her estate was overwhelming. Adair was very professional and personable. She handled and processed the estate with ease and kindness.