How Much Should a Prenup Cost?
One of the most frequent questions we get, and one of the most difficult to answer, is “How much should a prenup cost?”
While providing a specific general dollar amount is challenging, we can tell you some of the major factors that will impact its ultimate price.
Are There A Lot of Assets Involved?
Prenups where one person or the other has significant assets can be difficult to negotiate and may involve a complex discovery process to ensure all assets are accounted for.
Is it a Second Marriage For One of the Parties?
Second marriages can include assets like real estate, retirement accounts, and investments. Not only do these assets complicate a prenuptial agreement, but at least one of the parties has been to this rodeo before. This can make them “once bitten, twice shy.”
If There are Children
Children, too, can complicate a prenup. The State of Florida is charged with making sure the best interests of children are taken into consideration, and some issues involving children may not be able to be successfully included in a prenuptial agreement.
Is There a Business Involved?
Owning a business can make prenuptial agreements extremely complex, especially if the business was started prior to marriage.
Since most prenups are prepared by attorneys who charge by the hour, the more complicated an agreement is, the more expensive it can be to prepare. That being said, there are some steps you can take to streamline the process and reach points of agreement in advance.
- Talk about it in advance and see where you disagree and agree. Try to work things out in advance.
- Be open about any businesses owned and operated
- Be transparent about the assets of each.
When asking about the cost of a prenup, a better question may be, “What is the cost of NOT having one?” It could cost you an inheritance, real estate, and a fair settlement should there be problems in the future. Prenup agreements have become an accepted, practical, and common-sense way to deal with potentially challenging financial issues prior to their becoming a major problem. It is now estimated that almost 40% of those under the age of 35 are getting prenups.
In the Tampa, Florida, area, we are your prenuptial and postnuptial agreement specialists. As more couples seek out financial protection prior to marriage, we are here every step of the way. Getting started is as easy as contacting us for a no-obligation initial consultation. Get answers to your questions and get started today.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law in Tampa, Florida such as high asset divorce you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.