Overview of Prenups
A prenuptial agreement is a contract that financial and property related issues in the event of a divorce or the death of one of the spouses. A state court applies the terms of this document in some way to divide marital property and assets during a divorce proceeding. Most prenuptial agreements include a clause to take effect in the event of divorce and one to take effect upon the death of one of the spouses. The intent is to address both circumstances .
This form of contractual agreement attempts to help both spouses in a marriage. For one thing, it ensures that each spouse understands the other’s finances upfront and gives each person time to review details prior to marriage. Deciding on a prenuptial agreement early in the marriage process also ensures that each party has an opportunity to consult individual with a lawyer. Finally, it forces both parties to consider the financial benefits and shortcomings of their relationship.
Reasons to Hire a Prenup Attorney in Your City
You may be wondering why it is so important to hire a local attorney for your prenuptial agreement. Each state has its own regulations concerning divorce, and thus its own regulations regarding prenuptial agreements. You need an attorney who knows these laws and can guide you in the right direction. It is also highly likely that most if not all of your assets are located in that state which could make the prenuptial agreement void if it is not drafted correctly.
Not only are there differences from state to state but there may also be differences on a more local level. In addition to having different laws, states can also have different customs or norms in the drafting of a prenuptial agreement. This is something else that a local attorney can best advise you on.
Additionally, the local issue comes into play again after the agreement is signed. If your divorce is contested and you find yourself in court over the terms of your prenuptial agreement, you will need an experienced divorce attorney who can best advise you on the particular judge that is hearing your matter. How do I know if my prenuptial agreement will be enforced by the judge that will be presiding over my divorce? This is where the experience of the attorney on your side will make a difference.
Having a local divorce lawyer is highly recommended when it comes to issues that you may encounter with your prenuptial agreement and divorce proceeding.
Tips on Locating a Seasoned Prenuptial Agreement Attorney in Your Area
When you are trying to find a qualified attorney in your area, if you are in the United States, try searching online and adding your geographical area to the end of your search. Start with typing the term "prenuptial agreement" into Google or another popular online search engine, and then add to that your state or city. This is a good way to find the best lawyers for prenups near you. You may also wish to search under "premarital agreement attorney," as that will still be someone who is fully capable of drafting a good prenup. It is important to find an attorney who has experience working with these kinds of cases, and to remember that it is well worth the money to pay for a good lawyer who has experience and is knowledgeable- having a poor or uninformed attorney is often much more hassle than it is worth.
Inquiries to Make in Your Prenup Consultation
A prenuptial agreement is a contract with substantial legal force. Therefore, you need to make sure you choose the right attorney to help you with this matter. Fortunately, there are several important questions you can ask of any potential prenuptial agreement attorney:
What is your family law experience?
When you have your initial meeting with a prospective attorney, ask about his or her family law experience. How many years has he or she been practicing? Has he or she specifically practiced in prenuptial agreement cases? Though California has certain statutes, many decisions about prenuptial agreements are made through common law. Therefore, it’s important that your attorney have considerable experience in this area.
Do you have experience with cases like mine?
You should be asking for specific examples of other prenuptial agreement cases an attorney has handled . While no two cases are ever the same, and while facts matter when it comes to prenups, a 20-year attorney who has never had a high-profile case isn’t going to be able to understand the intricacies that often go into handling these cases.
What is your strategy for my case?
Expect to walk out of a consultation with a basic strategy that your attorney will use with your case. If you’re not satisfied with the strategy being set forth, go with your gut and try elsewhere. A prenuptial agreement is a very sensitive process that can require a close relationship between client and attorney. You need to do what’s best for you.
What are the fees associated with your services?
Asking an attorney about fees is one of the first things everyone thinks to do, but it should also be one of the last things you think to do, as well. You have to put the cost of an attorney on the balance against the value of having someone with a strong legal background by your side during this important time in your life.
The Price to Hire a Prenup Lawyer
Understanding the Costs of Hiring a Prenuptial Agreement Lawyer
Hourly Rates: In most cases, attorneys will charge by the hour to create a prenuptial agreement. This hourly rate varies greatly depending on where you live, your attorney’s experience, and a number of other factors. In major metropolitan areas, hourly rates can range from $200 to $600 or more. The average hourly rate to draw up a prenuptial agreement in the United States is between $250 and $300.
Flat Fees – Some attorneys may offer a flat fee for services to draw up a prenuptial agreement. The flat fee may include additional services beyond just the drawing up of the agreement. Be sure to understand precisely what the flat fee covers.
Retainer Fees – You may have to pay a retainer to secure the attorney’s services. The retainer is used to pay the initial fees of the attorney. The work performed eventually takes the money from the retainer. Once again, you should ask your attorney for a breakdown of the retainer and how the money will be used.
Contingency Fee – Some attorneys may agree to get paid a percentage of compensation if the marriage ends in divorce. For a prenuptial agreement, however, this arrangement is not common.
Factors that Affect the Cost of a Prenuptial Agreement – There are a number of different factors that can affect the overall cost of a prenuptial agreement. One factor is the overall wealth of the couple. A couple with significant assets will require a more complex agreement to properly negotiate the division of assets during a potential divorce. The complexity of the agreement will directly affect the cost of the agreement.
Another factor that could increase the cost of the contract is the number of assets and liabilities that the couple are bringing into the marriage. An agreement that only involves one or two assets of lesser value will not cost as much as an agreement that involves several high-value assets.
Additional factors that can increase the costs of a prenuptial agreement include the number of revisions that are required, the income of the couple, the fees charged by the paralegal or support staff, and the number of additional consultations that you may require.
Typical Prenup Mistakes to Avoid
There are numerous mistakes that can be made when drafting a prenuptial agreement. A skilled attorney can help you avoid these and protect your interests. An obvious element of a prenuptial agreement is the disclosure pertaining to each party’s assets. This is so basic that you may have suspected that nobody would make a mistake there. But you’d be wrong, because sometimes a spouse may more than what they are revealing to their fiancé(e). You might be able to guess that. Most people know what they are making and usually are not trying to deceive their partner. But you may not realize how much your partner has in savings or investments. A prenup is meant to be fair to both parties. If one party conceals assets either before or after the marriage and this is not disclosed in the agreement, then the court may just reject the entire contract . While your lawyer cannot disclose anything confidential, they may be able to tell you if there is something they suspect or know about that should be included in the prenuptial agreement.
Prenuptial agreements tend to be long documents. While some sections may seem repetitive or even pointless, they are carefully crafted to be as thorough as possible. A spouse may try to make it more readable by condensing the language or eliminating a section that seems pointless to them. But this could create huge problems down the road. It is important to have all provisions – including one that simply contains language indicating that a specific law would apply to the agreement – even if they seem unnecessarily repetitive. Otherwise, the entire document could be found invalid or you might be at risk for losing valuable property that you meant to protect.