How much does a Colorado prenuptial agreement cost? This a common question that couples planning to get married in Colorado often ask. Let’s explore this question and review some general information about prenuptial agreements and why they are beneficial.
How Much Does a Prenuptial Agreement Cost in Colorado?
Prenuptial agreements, sometimes called “prenups”, are legally binding contracts that couples execute before getting married. A prenup documents each person's assets before the marriage and dictates how financial issues will be handled if the couple divorces.
Many couples choose to hire a family attorney to draft their prenuptial agreement because prenups must include specific information and abide by Colorado laws to hold up in court. A lawyer will know how to draft a contract that is legally enforceable. For this reason, many people want to know how much a prenuptial agreement will cost.
Based on ContractsCounsel's marketplace data, the average cost of a prenuptial agreement in Colorado is $1,200.
Why Do I Need a Prenuptial Agreement in Colorado?
Colorado is an equitable distribution state which means that all of a couple’s property will be divided by the court in a way that is fair to both parties. However, “fair” does not necessarily mean equal. If the spouses cannot come to resolution on their own, the court will determine how property is distributed. Any debts acquired during the marriage are also subject to equitable distribution between the two parties.
If a couple has a properly executed prenup, in most cases, their agreement will supersede the states laws for property distribution. This allows a couple to take control of their financial futures.
What's Typically Included in a Colorado Prenuptial Agreement
Every prenuptial agreement will be different and personalized to the couple’s assets, debts, and wishes but the prenup must follow state laws. Colorado has adopted the rules of the Uniform Prenuptial Agreement Act (UPAA).
The UPAA lists the issues that may be covered in a prenup. Some of these issues include:
- Premarital assets. Terms regarding how premarital assets will be divided in a divorce.
- Marital assets. Terms regarding how marital assets will be divided in a divorce
- Debts. Methods for dividing debts like mortgage debt and credit card debt
- Life insurance. Whether either spouse will have life insurance and what happens to the policy in the event of a death or divorce
- Property control. Each spouse’s right to control, buy, sell, or trade property
- Right to alimony. The couple can agree whether alimony will be paid by one spouse to the other if they divorce.
- State law. Which state’s law govern the agreement
One common question is whether a couple can include terms about child custody and child support in a prenuptial agreement. Colorado does not allow prenups to dictate any terms regarding child support or child custody. These issues cannot be predetermined and a judge needs the freedom to decide what is in the child’s best interest at the time of the divorce.
Benefits of a Prenuptial Agreement
Prenuptial agreements can be difficult to discuss and sometimes have a negative connotation, but they provide many benefits to couples including:
- Protection of assets
- Protection from debts
- Customized plan to distribute assets in a divorce
- Avoidance of a typical divorce settlement
- Comprehensive planning for the future
- Peace of mind knowing that financial matters are settled
Divorces can be drawn-out, emotionally charged, and expensive. The majority of fighting in a divorce is over assets and debts. With a prenup in place, the decisions about property division are already made. This saves a couple from the additional stress and financial burden of litigation.
Colorado Prenuptial Agreement Projects
Prenuptial Agreement Drafting in Colorado
It is always recommended that a couple hires a knowledgeable attorney to draft a prenuptial agreement. A lawyer will be familiar with Colorado law and know what can and cannot be included and enforced in a Colorado prenuptial agreement.
Prenuptial agreement drafting will usually involve a consultation with the couple to learn about their assets, debts, and the terms they want to include in the agreement. The attorney will then draft a prenup that implements these terms.
Prenuptial Agreement Review in Colorado
In some cases, a couple may have an existing prenup or they have drafted their own prenup from a template. The issue with using templates is that each state has different laws governing prenups and the template may not cover those state specific laws.
Before executing a prenup, a couple is encouraged to have the document reviewed by a licensed attorney. The attorney will ensure that the contract is fair, follows all applicable Colorado laws, and will be enforceable in court in the event of a divorce.
Colorado Prenuptial Agreement Drafting Cost
If a couple hires an attorney to draft their prenuptial agreement, they will incur legal fees because drafting a contract of any kind requires the time and legal expertise of a licensed lawyer to complete the project.
According to ContractsCounsel's marketplace data, the average prenuptial agreement drafting costs in Colorado are $1,200.
Colorado Prenuptial Agreement Review Cost
Hiring an attorney to review a prenuptial agreement will also come with legal fees. Even though the attorney isn’t drafting the document from scratch, they will still take their time reading over the contract and suggesting revisions based on their specialized legal knowledge.
ContractsCounsel's marketplace data shows the average prenuptial agreement review costs in Colorado are $1,200.
How Do Colorado Lawyers Charge for a Prenuptial Agreement?
Hourly Rates for Prenuptial Agreements
A Colorado family law attorney will mostly likely charge their clients using an hourly rate fee structure. With this fee agreement, a lawyer will bill a client at a set hourly rate for time spent working on the case or project.
The marketplace data for ContractsCounsel shows the average hourly rate for a family lawyer in Colorado ranges from $250 - $400 per hour.
Flat Fee Rates for Prenuptial Agreements
If a lawyer is hired for a specific project with a definitive end, like drafting a prenuptial agreement, they may choose to charge the client a flat fee rate instead of billing hourly. In a flat fee payment structure, attorneys will provide a flat fee price to the client for the proposed legal services.
Clients usually prefers flat fee rates because they know exactly how much they will be spending for legal services. It is important that the client knows what is included in the flat fee rate because additional legal services like consultations or revisions may not be included in the flat fee.
ContractsCounsel's marketplace data shows the average flat fee rate for a prenuptial agreement in Colorado is $1,200.
Get Help with a Colorado Prenuptial Agreement
Do you need help with a prenuptial agreement project? If so, post a project in ContractsCounsel's marketplace to receive flat fee bids from family lawyers who are licensed to practice law in Colorado and can handle your project. All lawyers on the ContractsCounsel's platform are vetted by our team to make sure you are provided with top-tier service.