Nobody contemplates divorce on their wedding day, but there is little reason both spouses should not prepare for the worst. Life happens, things change and on the day you wake up knowing you wish to move on from your marriage, you may want a prenuptial agreement to help protect what is yours.
A major roadblock for many new couples, when considering a prenuptial agreement, is the cost of drafting one. You and your spouse-to-be may not know how much one costs in the first place or you may assume its not worth the money at the time. Knowing more may help clear up the situation.
What goes into the cost of a prenuptial agreement?
Much of the expense of drafting a prenuptial agreement broadly comes down to two things: clarity and time. Business Insider estimates these costs may range between three and five figures. If you and your partner understand each other and negotiate clearly, that means less time spent haggling and redrafting your prenuptial agreement. Location may also play a sizable part, as places with higher costs of living see, on average, higher costs for prenuptial agreements.
What does it cost to avoid a prenuptial agreement?
Without a prenuptial agreement, you hand over a lot of decision-making to the courts regarding topics like alimony and equitable distribution. That means in a highly contentious, high-asset divorce, you and your spouse may have less say in how anything gets divided.
When considering the cost of a prenuptial agreement, it may instead be prudent to consider the value of what you may lose without out after building a legacy with your partner for so long.