The Cost Of A Prenuptial Or Postnuptial Agreement In Texas

Prenuptial or postnuptial agreements can be an element in an effective financial plan or an estate plan. The benefits of drawing up one of these agreements, as outlined in this blog, often make it well worth the investment. 

Many people believe that it is very expensive to have a prenup or postnup drawn up.  In reality, the expense will depend totally on the situation and may not be nearly as large as you might think. Below, I will outline the factors that influence the cost of a prenup or postnup in Texas.

The 4 Factors That Determine The Cost Of A Prenup

1. Numbers And Types Of Assets Owned By The Parties

Often, if a prenup or postnup is requested, 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. If you have a considerable number of assets, the cost will be higher.

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 significant influence over the parties on what terms should be included regarding the preservation of their parents' 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 the specific terms of the agreement 
  

These steps may also add to the cost. 

How Much Can You Expect To Pay For A 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. 

Save Money And Stress With A Well-Drawn Prenup Or Postnup

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. It can also provide you, your spouse, and your family with peace of mind.

If you would like to talk more about prenups or postnups, please call Adair M. Buckner for a free initial consultation.*