How much does a Nevada prenuptial agreement cost? This a common question that couples in Nevada ask when they planning to get married. Let’s explore this question and review some general information about prenuptial agreements and why they are important.
How Much Does a Prenuptial Agreement Cost in Nevada?
A prenuptial agreement, officially called a premarital agreement in Nevada, is a legally binding contract executed by a couple before they get married. Nevada officially defines a premarital agreement as “an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage”. Essentially, prenups are used for financial planning and asset division in the event of a divorce.
The cost of a prenuptial agreement will vary depending on several factors like the time it takes to draft and review the document and, the number of custom terms in the agreement, and how the lawyer charges for these services. According to ContractsCounsel's marketplace data, the average cost of a prenuptial agreement in Nevada is $1,066.67.
Why Do I Need a Prenuptial Agreement in Nevada?
In Nevada, courts adhere to the principles of “community property” when determining how to divide assets between parties in a divorce. This means that once married, all assets and debts obtained are shared equally by each person. When the couple divorces, the assets and debts are split 50/50 despite who contributed to the asset or debt more.
For example, if one spouse incurs credit card debt on their own account, the other spouse is still responsible for 50% of that debt in a divorce.
Many people view community property laws as unfair. Although these laws split all assets and debts 50/50, they can leave some spouses at a gigantic financial loss. One way couples can bypass community property laws is by having an enforceable prenuptial agreement.
The prenup can lay out how debts and assets will be split in a divorce and as along as the prenup is fair and reasonable, it will most likely be upheld in court by a judge.
What's Typically Included in a Nevada Prenuptial Agreement
Each couple’s prenuptial agreement will look a little different based on their assets, debts, and future plans. Some common issues addressed in prenups include:
- The rights and obligations of each spouse regarding premarital property and marital property
- Each spouse’s rights to buy, sell, transfer, use, manage, and control property
- Allocation of property if a spouse dies
- Whether one spouse will have the right to alimony and if so, the amount
- The ownership rights of the death benefit from a life insurance policy
- The choice of law that governs the agreement
Nevada prenuptial agreements cannot resolve child custody and child support issues. The state views child support as a right belonging to the child, not the parents. Neither parent has the right to deprive the child support from the other parent. In addition, custody and parenting time is determined based on what is in the best interest of the child at the time of the divorce. This is not an issue that can be agreed upon before the divorce.
Is a Prenuptial Agreement Enforceable in Nevada?
Nevada is one of the twenty-seven states that follows the Uniform Premarital Agreement Act (UPAA) for laws regarding prenuptial agreements. Under this act, for a prenup to be enforceable in Nevada it must meet the following requirements:
- The agreement must be in writing
- Signed by both parties
- The agreement cannot be “unconscionable” (unfair)
- The prenup cannot violate public policy
Prenuptial agreements will not be upheld if either party was forced to sign under duress, coercion, or fraud. Fraud can include one spouse failing to fully disclose their full financial situation before signing the agreement.
Benefits of a Prenuptial Agreement
Even though prenuptial agreements can carry a negative connotation, these contracts provide couples with many benefits. Some advantages to having a fair, well-written premarital agreement include:
- 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
Prenuptial agreements will also save couples money in costly litigation. Finances are the number one issue that couples fight about in a divorce. By eliminating this issue with a prenuptial agreement, the divorce will be smoother with less time spent in a courtroom.
Nevada Prenuptial Agreement Projects
Prenuptial Agreement Drafting in Nevada
Hiring an attorney to draft a prenuptial agreement is highly recommended. A lawyer with experience drafting prenups will be familiar with Nevada laws and know what can and cannot be included and enforced in a prenuptial agreement.
When a couple hires an attorney to draft their prenup, they usually start with a consultation. The lawyer will need to learn about the couple, their financial situations, and their future plans. Then, the lawyer can draft a prenup that meets the couple’s needs.
Prenuptial Agreement Review in Nevada
Some couples may choose to draft their own premarital agreement to save on attorney’s fees, however this could cause issues in the future. Nevada law requires that each party understands the financial resources of the other party and the rights being forfeited under the agreement. To fully understand the agreement and what rights are being given or denied, couples should always consult with an attorney.
A family law attorney can review the prenup to ensure that it is drafted properly and that each spouse fully disclosed their financial information, and they understand the terms of the contract. This will avoid any issues of upholding the prenup in court if the couple divorces.
Nevada Prenuptial Agreement Drafting Cost
When a couple hires a lawyer to draft their prenuptial agreement, they will incur legal fees because drafting a contract requires the time and legal expertise of a licensed lawyer.
According to ContractsCounsel's marketplace data, the average Nevada prenuptial agreement drafting costs are $1,200.00.
Nevada Prenuptial Agreement Cost
Hiring an attorney to review a prenuptial agreement will also come with legal fees. The lawyer will use their legal expertise and knowledge of Nevada law to review the contract and ensure both parties understand the terms.
ContractsCounsel's marketplace data shows the average prenuptial agreement review costs in Nevada are $400.00.
How Do Nevada Lawyers Charge for a Prenuptial Agreement?
Hourly Rates for Prenuptial Agreements
It is common for Nevada family law attorneys to use an hourly rate fee structure to bill their clients. Under this fee structure, a lawyer will inform the client of their hourly rate then bill the client for the number of hours spent working on a case or project.
The marketplace data for ContractsCounsel shows the average hourly rate for a family lawyer in Nevada ranges from $200 - $350 per hour.
Flat Fee Rates for Prenuptial Agreements
When a lawyer is hired to complete a specific drafting or review project, they may choose to quote a flat fee rate instead of billing by the hour. The attorney will use estimate how long the project will take then quote the client a fair flat fee for all legal services.
ContractsCounsel's marketplace data shows the average flat fee rate for a prenuptial agreement in Nevada is $1,066.67.
Get Help with a Nevada 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 Nevada 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.