How Much Does a Prenuptial Agreement Cost in Georgia?
Many couples want to know how much a prenuptial agreement will cost. The cost will vary based on the details of the prenup but according to ContractsCounsel's marketplace data, the average cost of a prenuptial agreement in Georgia is $650.00 [1].
What is a Prenuptial Agreement?
Prenuptial agreements, commonly called antenuptial agreements in Georgia, are legally binding contracts that future spouses execute before getting married. A prenuptial agreement is a way for couples to plan out how their property and debts will be distributed in the event they get divorced.
Many couples choose to hire an attorney to draft their prenuptial agreement. This contract needs to include specific information and abide by certain laws to be enforceable in a Georgia divorce court. A lawyer will know how to draft an agreement that is legally binding and enforceable.
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Why Do I Need a Prenuptial Agreement in Georgia?
Georgia is an equitable distribution state. This means that without a prenup or agreement in court at the time of the divorce, a judge will determine how all assets from the marriage are divided based on the financial contributions of each spouse. Depending on each person’s income, job, or family obligations, this may not be the best option for you and your spouse in a divorce. Having a properly executed prenuptial agreement is the only way to ensure that assets and debts are divided in the best possible way for your unique situation.
Marital property that will be subject to equitable distribution in a divorce can include:
- Houses
- Property
- Businesses
- Cars
- Bank accounts
- Investment portfolios
- Jewelry
- Furniture
Any debts acquired during the marriage are also subject to equal distribution between the two parties regardless of which spouse incurred the debt.
What's Typically Included in a Georgia Prenuptial Agreement?
Prenuptial agreements can be customized based on each couple’s unique situation. The following terms and items are often addressed in basic prenuptial agreements:
- Premarital assets. A list of the assets each person had before entering the marriage.
- Premarital debts. A list of each person’s debts prior to the marriage
- Marital assets. These assets are any property gained during a marriage and are considered to be equally owned by both spouses.
- Marital debts. Like assets, any debts acquired during the marriage will be viewed as both spouses responsibility.
- Distribution of property. Terms regarding how the couple’s assets and debts listed in the prenup will be divided if they divorce.
- Right to alimony. Whether spousal support will be paid by one spouse to the other.
- Life insurance. If each spouse is required to carry a life insurance policy and what happens to policy in death or divorce
- Wills. Whether each party is required to have a will that carries out the terms of the prenuptial agreement
Georgia does NOT allow prenuptial agreements to address child support or child custody. Child support is determined based on each parent’s income at the time the divorce. Courts require the freedom to make decisions that are in the best interest of the child at the time of the divorce and these decisions cannot be predetermined.
Is a Prenuptial Agreement in Georgia Enforceable?
Georgia is one of the few states that has not adopted the Uniform Prenuptial Agreement Act (UPAA), so their laws governing prenups differ from a lot of other states. For a prenuptial agreement to be enforceable in Georgia is must meet the following requirements:
- Be in writing
- Include only lawful terms (cannot violate criminal statutes or public policy)
- Signed by both parties
- Witnessed by two people
- Must be notarized
- Signed voluntarily without being under duress, intimidation, or deceit
- Signed within a reasonable amount of time before the wedding
- Include a full and accurate disclosure of all financial assets, debts, and income
If a prenup does not meet these requirements, it can be contested at the time of the divorce. It is strongly encouraged that each spouse be represented by their own lawyer when agreeing to sign a prenup. This will avoid any legal issues down the road.
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Prenuptial Agreement Drafting in Georgia
It is always recommended that a couple hires a knowledgeable attorney to draft a prenuptial agreement. A lawyer will be familiar with Georgia law and know what can and cannot be included and enforced in a Georgia 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 Georgia
In some cases, a couple may have an existing prenup or they have drafted their own prenup from a template. Because Georgia does not follow the UPAA, it is important to know that these templates may not be designed to follow specific Georgia laws. For example, the UPAA doesn’t require prenups to be notarized, but Georgia law does.
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 Georgia laws, and will be enforceable in court in the event of a divorce.
How Much Does it Cost to Draft a Georgia Prenup?
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 Georgia are $650.00.
How Much Does it Cost to Review an Existing Georgia Prenup?
Hiring an attorney to review a prenuptial agreement will also come with legal fees. Even though the attorney isn’t drafting the entire document, they will still take their time reading over the contract and revising any mistakes or omissions.
ContractsCounsel's marketplace data shows the average prenuptial agreement review costs in Georgia are $750.00.
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How Do Georgia Lawyers Charge for a Prenuptial Agreement?
Hourly Rates for Prenuptial Agreements
Family law attorneys in Georgia 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 Georgia ranges from $200 - $350 per hour.
Flat Fee Rates for Prenuptial Agreements
Flat fee rates are becoming a popular way for lawyers to charge clients for drafting projects like creating prenuptial agreements. In a flat fee payment structure, rather than charging hourly, an attorney will provide a single flat fee price to the client for the entire legal project.
ContractsCounsel's marketplace data shows the average flat fee rate for a prenuptial agreement in Georgia is $650.00.
Get Help with a Georgia 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 Georgia 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.
