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There are several factors at hand, including the complexity of the agreement, the attorney's hourly rate, and the amount of negotiation required between the parties.
The average cost for a premarital agreement can sometimes start as high as $5k, with the all-in cost of some prenups exceeding $10k—per partner. Why so expensive? There are several factors at hand, including the complexity of the agreement, the attorney's hourly rate, and the amount of negotiation required between the parties.
Let’s break it down below.
The main expense associated with a prenup is the cost of hiring an attorney to draft the agreement. Attorney fees can vary widely depending on the attorney's experience, reputation, location, and hourly rate. Some attorneys charge a flat fee for prenups, but most charge hourly, which is how costs can really start piling up.
Prenups can range from relatively simple agreements that address only a few issues, to complex agreements that cover a wide range of topics and require a lot of negotiation. The more complex the agreement, the more time and effort it will take for the attorney to draft it—which means more hours on their end.
In some cases, negotiation between the parties can be time-consuming and add to the overall cost of the prenup. If the parties have different ideas about how to divide assets or responsibilities, it may take more time and effort to reach an agreement that both parties are happy with. But if you’ve already agreed on the terms with your partner, your prenup could end up costing less.
Depending on the complexity of the agreement, it may be necessary to have it reviewed by other professionals, such as accountants or financial planners. And of course, more professionals means more hourly rates, and more of a costly experience for you and your partner.
So, while the cost of a prenup can be significant—although much lower with First’s flat-fee model—it's important to remember that the cost of a divorce can be much higher if a prenup is not in place. A well-drafted prenup can help avoid expensive, time-consuming and even public legal battles in the event of a divorce or separation, especially in states where divorce court is a required step in the process.
