Getting Married? Yes, You Need a Prenup In New City, New York
Having a prenup is not planning for divorce, and you don’t have to be rich to need one. However, you should have a prenup, for other reasons. What’s it cost? Depends.
A prenup is a prenuptial agreement that both parties sign before they marry, to clarify what would happen to their individual property, in the event that the marriage does not last. How much it costs varies, as explained in the Stamford Advocate’s recent article, “You don't need to be rich to get a prenup — here's how much you should expect to pay.” Where you live has a lot to do with the cost.
The average cost of a prenup is about $2,500, according to U.S. News & World Report. Many couples could expect to pay as little as $1,200, provided their finances are fairly straightforward. However, in major urban cities, where the cost of living is higher, it will cost a bit more for a prenup. For example, the cost to negotiate and draft a prenup in New York City can be from $7,500 to $10,000 per party. In addition to location, there are several other factors that can impact the cost of a prenup.
It really depends on what you are protecting, if the negotiations are contentious, the quality of counsel you choose and the client's own socio-economic level.
The costs vary widely geographically, but it will also vary based on the practice and reputation of the attorney who’s drafting the prenup. A couple should typically each prepare to spend a similar amount on a prenuptial, as they would for basic estate planning documents.
A prenup is seldom negotiated on a flat fee because there are too many variables. The risk of extended negotiations are why an attorney will want to charge you on an hourly basis.
If you fail to talk about your prenup expectations beforehand, or you convey a different message to your counsel than what was previously discussed, the prenup process will take longer than expected. Negotiations can also be prolonged, if the opposing counsel doesn't focus their practice in this area of law.
It takes time to go through complex arrangements like trusts, LLCs and partnerships that protect wealth with an attorney.
Some couples don’t like the idea of negotiating over a prenup in the months or weeks leading up to their wedding. It’s not romantic—but there is a business side to a marriage that does need to be addressed. Think of it as good practice for the next discussion you have with an attorney—creating an estate plan.
For more information on Estate Planning Lawyer, Trusts, Asset Protection, Prenuptial Agreement ;please click to my website