Prenuptial agreements can save money in the long term.
Having a prenuptial agreement prepared is not a DIY project.
It should be prepared by an attorney who regularly prepares them ... and a lot of them at that.
That noted, how much does a prenup cost?
According to a recent Stamford Advocate article titled “You don't need to be rich to get a prenup — here's how much you should expect to pay,” this hinges on multiple factors, to include the three rules of real estate: location, location, location.
It can be as low as $1,200, if your finances and family affairs are pretty straightforward.
If you live in a large city or have complex assets and relationships, then your cost could be as high as $7,500 to $10,000 per party.
Does this mean you should opt to not have a prenuptial agreement simply because of the cost or choose the cheapest option?
As you might expect, the cost of a prenuptial agreement will vary depending on the reputation and the experience of the attorney.
It will also depend of your specific circumstances.
Many times an hourly charge will be applied to take into account the potential need for extended negotiations.
To save some time and money, talk with your partner before meeting with your respective attorneys.
You should also know the extent of one another's assets (and liabilities).
If you consider what you have to be worth protecting, then the cost of a prenuptial agreement should not deter you.
This is especially true if you are forming a blended family.
Love may be blind, but it is best to approach a remarriage with both eyes wide open.
Reference: Stamford Advocate (October 20, 2018) “You don't need to be rich to get a prenup — here's how much you should expect to pay”