There isn’t one set price a couple is going to pay for a prenup in Michigan. The truth is, there are many factors that will affect how much you will need to pay if you want a prenuptial agreement to be drawn up before you tie the knot. What are some of these factors you wonder? In this article, we are going to discuss how much you could be paying for your prenup and what factors contribute to making the cost go higher.
And if you’re not sure whether you and your spouse should get a prenup, read on further as we will share with you a few key benefits to getting one.
Although prenuptial agreements can be difficult to discuss with your soon-to-be spouse, it may be necessary for you to bring it up if you want to protect your assets in the event your marriage doesn’t work out. So how much can you expect to pay for one if you live in Clinton County, MI? Well, the price varies, but Business Insider cites that you could be paying anywhere between $1,200 to $2,400 “if your finances are straightforward.” If they are not or your circumstances are a little more complicated, then your prenup could cost you $2,500 and higher.
What factors affect the price of a prenup?
There are many factors that come into play when it comes to the cost of a prenuptial agreement. Some of these factors include:
- Your location.
- What you’re protecting. If you have a lot of assets to include in your prenup, this will increase the amount of time that must be spent on writing it up. The more time you spend with your Clinton County, MI prenuptial agreement attorney, the more money you will likely spend in legal fees.
- Whether the negotiations are contentious. If you and your partner are not on the same page when it comes to certain assets, it will take you longer to negotiate. The source cited that when “negotiating around sensitive areas like inheritance for children from a prior marriage, alimony obligations, and reasons for fault-based claims such as infidelity can cause an otherwise friendly negotiation to go sideways.” In the event you are faced with such circumstances, you will likely be paying more for your prenup as most lawyers charge by the hour.
- The quality of legal counsel you retain. One of the reasons why it is important for you to seek legal aid from a Clinton County, MI prenuptial agreement law firm that has experience in this area of law is because “negotiations can also be prolonged if the opposing counsel doesn’t focus their practice in the matrimonial and family area because they aren’t as familiar with some standard provisions and courtesies.” Therefore, if you want to be sure your prenup is handled by a lawyer who is familiar with Michigan’s laws and is capable of wording it in a way so that it will hold up in court, you are going to want to contact the Law Offices of Stuart R. Shafer, P.C.
- Your socioeconomic level.
For instance, Business Insider shared what a couple might pay for a prenup when living in Manhattan. The source says that while some couples might be looking at paying $7,500, others could be faced with a fee of $10,000. Now, before you assume that your prenup is going to cost you thousands, you have to remember that it all comes down to your circumstances. Therefore, if you are interested in receiving an estimate from a skilled prenuptial agreement attorney in Clinton County, Michigan and your marriage date is quickly approaching, don’t wait to contact the Law Offices of Stuart R. Shafer, P.C.
What are the benefits of getting a prenup?
Although prenups may be costly for some to get drawn up, if you have assets you wish to protect, then having one is priceless. U.S. News & World Report highlighted a few other reasons why you might consider getting one:
- They can help shed light on the “what ifs” that might arise in your relationship.
While both parties in a marriage often work toward building their careers and reaching their goals, sometimes, they have children which often results in “one spouse [having to] scale back workforce ambitions to spend more time at home.” They may then find that their career has been placed “on the back burner” which causes their “earning power [to become] limited.” When a couple considers alimony during the prenup drafting process, they might consider this type of scenario and based on their reaction, it can help one party decide if they should continue working.
- “Prenups cost half as much as the average engagement ring.”
U.S. News & World Report cites that the average engagement ring costs approximately $5,200. Paying half of this for a prenup would ensure your assets are protected and you would be receiving alimony in the event of a divorce given you choose to include this in it.
- You can create or amend a prenup post-marriage.
If you decide after you get married you want to have a prenup drawn up, you can do so. We refer to this as a post-nuptial agreement. You can also amend a prenup if your circumstances change and you and your spouse are both in agreement with the change.
Now, if you are ready to speak with a qualified prenuptial agreement lawyer in Clinton County, MI regarding getting a prenup, give us a call at 517-487-6603 so that we can answer any questions you might have.
You can reach the Law Offices of Stuart R. Shafer, P.C. at:
1223 Turner Street, #333
Lansing, MI 48906