How much does a New York postnuptial agreement cost? This is a common question asked by married couples who live in New York. Let’s explore this question and review some general information about postnuptial agreements and the benefits these contracts provide spouses.
How Much Does a Postnuptial Agreement Cost in New York?
The average cost (i.e., legal fees) for a New York lawyer to draft a postnuptial agreement is $1030.00 [1] on a flat fee basis. The average cost for a New York lawyer to review a postnuptial agreement is $590.00 [2] on a flat fee basis. These cost points come from recent New York postnup projects on the ContractsCounsel platform.
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Postnuptial agreements, also called post marital agreements, are legally binding contracts executed after a couple gets married to establish the ownership and division of assets and liabilities in the event of a divorce. It is common for postnuptial agreements to address issues like property division, alimony, inheritance, and business interest.
Hiring an attorney to draft a postnuptial agreement is highly recommended. A marital agreement can have lasting effects on a couple’s finances so it must be drafted correctly. An experienced family law attorney will be familiar with what terms belong in a marital agreement and what issues cannot be included.
See Postnuptial Agreement Pricing by State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
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- Tennessee
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Do I Need a Postnuptial Agreement in New York?
Postnuptial agreements are useful tools that a couple can use to clarify their rights and responsibilities regarding assets and debts in a marriage. Any married couple with assets, debts, a business, or children from a previous relationship can benefit from a well drafted postnuptial agreement.
Like many other states, New York courts follow equitable distribution laws. This means that marital property is divided based on what a judge decides is fair and equitable, but doesn’t necessarily have to be equal.
Some factors that judges will look at to determine how to distribute property in a divorce include:
- Length of the marriage
- Age and health of each spouse
- Education and earning potential of each spouse
- Whether either spouse helped further the other’s career or education
- Standard of living
A valid postnuptial agreement will override state property distribution laws and outline a couple’s customized plans for their assets and liabilities.
What's Typically Included in a New York Postnuptial Agreement
Every postnuptial agreement will be different depending on the couple’s financial situation and needs. The following provisions are typically included in most New York postnuptial agreements:
- Financial disclosures. Each spouse is required to provide a full disclosure of assets and liabilities. Assets can include real estate, investments, business assets, trusts, and retirement benefits. If either spouse fails to disclose assets, the other spouse could challenge the legality of the agreement due to fraud or unconscionability.
- Property division. How marital property will be divided in the event of a divorce or separation.
- Debt allocation. How debts and liabilities will be allocated between the spouses.
- Spousal support. Terms of any spousal support that one spouse may be entitled to receive. The terms should include the amount and duration of payments.
- Inheritance. Inheritance and gifts are typically separate property. However, a postnuptial agreement can further protect these assets. If either spouse has a child from a previous relationship, inheritance for heirs can also be included in the agreement.
- Business interests. If either spouse owns a business, the agreement can address how the business will be divided or valued in the event of a divorce or separation.
- Legal fees. The agreement can outline how legal fees will be handled in the event of a divorce or separation.
When couples have children, they usually add provisions about child support and child custody to their marital agreement. In some cases, courts will honor the terms if the proposed arrangement is more beneficial to the child than what the court would have ordered.
Child support and visitation with each parent are the rights of the child and cannot be taken away with a marital agreement. Marital agreements cannot waive child support for one spouse or limit visitation rights.
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Postnuptial Agreement Drafting in New York
It is highly encouraged that a married couple hire an attorney to draft a postnuptial agreement. An experienced family lawyer will be familiar with New York laws and know what can and cannot be included and enforced in New York marital agreements.
Before drafting a marital agreement, the lawyer will consult with the couple to learn about their assets, debts, and future plans. The attorney will then draft an agreement that implements the spouse’s requested terms.
Postnuptial Agreement Review in New York
Some couples choose to draft their own postnuptial agreement without help or legal advice from an attorney. While this is possible, before executing the agreement, it should be reviewed by an experienced attorney. A lawyer will ensure that the agreement is legally binding, follows all New York contract laws and will be upheld in court.
A lawyer can also assist a couple in understanding all the terms of the contract and what rights, if any, they may be surrendering. Under New Jersey law, couples must have sufficient time to review the agreement, or it could be overturned in court.
New York Postnuptial Agreement Drafting Cost
When hiring a lawyer to draft a postnuptial agreement, you can expect to incur legal fees. Drafting contracts takes the time, knowledge, and legal expertise of a licensed lawyer.
According to ContractsCounsel's marketplace data, the average postnuptial agreement drafting costs in New York are $700.00.
New York Postnuptial Agreement Review Cost
Hiring an attorney to review a postnuptial agreement will also come with legal fees. Review fees tend to be less than drafting fees but an attorney will still use their time and legal knowledge to read the contract, make edits, and provide advice regarding the terms of the agreement.
ContractsCounsel's marketplace data shows the average postnuptial agreement review costs in New York are $414.14.
How Do New York Lawyers Charge for a Postnuptial Agreement?
Hourly Rates for Postnuptial Agreements
It is common for New York family law attorneys to 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 legal task.
In addition to the attorney’s work, under an hourly rate contract, lawyers can also bill hourly for their staff like associate attorneys and paralegals.
The marketplace data for ContractsCounsel shows the average hourly rate for a family lawyer in New York ranges from $200 - $300 per hour.
Flat Fee Rates for Postnuptial Agreements
Flat fee rates are commonly used when a lawyer is hired for a specific task like drafting or reviewing a postnuptial agreement. In a flat fee payment structure, an attorney will charge the client a flat fee price for the entire legal project.
ContractsCounsel's marketplace data shows the average flat fee rate for a postnuptial agreement in New York is $557.07.
Get Help with a New York Postnuptial Agreement
Do you need help with a postnuptial 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 New York 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.
