How Much Does a Prenuptial Agreement Cost in New York?
Based on ContractsCounsel's marketplace data, the average cost of a prenuptial agreement in New York is $690.00 [1]. This includes all types of prenup projects. Below is a summary:
What is a Prenuptial Agreement?
A prenuptial agreement, often referred to as a “ prenup,” is a legally binding contract executed by a couple who plans to get married. While prenups often carry a negative stigma, these legal documents are helpful planning tools for couples.
A well-drafted prenuptial agreement will document each person's assets and debts before the marriage and acts as a settlement agreement if the couple divorces. These agreements are critical if either party has precious assets or children from a previous relationship.
A couple married without a prenup will be subject to their state’s property division laws if they ever get divorced.
New York is an “equitable distribution” state. If a couple divorces, their marital assets are divided in a way the court deems “most fair” for both sides. These laws take away the spouse’s ability to decide on their property.
To avoid having the court divide property as they see fit, couples in New York can use a prenuptial agreement to dictate how they want their assets to be divided in a divorce. So, it is common for couples to hire an attorney to help adequately draft a prenuptial agreement.
A lawyer will know how to draft a legally binding contract that protects both spouses and is legally enforceable under New York laws.
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What's Typically Included in a New York Prenuptial Agreement
New York is one of the few states that has not adopted the Uniform Prenuptial Agreement Act (UPAA). Instead, New York has set its laws and regulations governing prenups.
According to New York state laws, the following issues can be governed by a prenuptial agreement:
- Spouse’s rights to individual and marital property
- The distribution of assets and debts in the event of divorce or death
- Spouse’s rights to buy, sell, lease, or control property
- Spouse’s rights pertaining to a family business
- Right to alimony and amount of alimony
- Entitlement to benefits from life insurance policies
Couples can address other issues in their prenup and customize the document to their needs. They should be aware, however, that a prenup agreement cannot control some problems.
Prenups cannot contain any illegal activity like requiring a spouse to help commit a crime. They also cannot prevent a spouse from prosecuting a crime.
Many states do not allow prenups to address issues involving children like child custody and child support. New York is unique in that it will enable a prenup to dictate some family law issues regarding children if the agreement has the child's best interests in mind.
Benefits of a Prenuptial Agreement
Prenuptial agreements are valuable tools that provide future spouses with many benefits, including:
- Protection of premarital assets
- Protection from premarital debts
- Customized plan to distribute marital assets in a divorce
- More control over assets and finances
- Comprehensive planning for the future
- Peace of mind knowing that financial matters are settled
New York Prenuptial Agreement Projects
Prenuptial Agreement Drafting in New York
Prenuptial agreements are legally binding contracts that can greatly affect a person’s financial future after marriage and divorce. For this reason, this document must be drafted correctly. Many couples hire an experienced family law attorney to help with their prenuptial agreement.
When a lawyer is hired to draft a prenup, they will meet with the couple to learn about their assets and debts and what financial terms the couple would like included in the prenup.
Using this information, the lawyer can create a comprehensive agreement that includes all the couple’s terms and wishes for their property.
Prenuptial Agreement Review in New York
If a couple chooses to draft their prenup, they should always have it reviewed by an attorney before signing the contract. Each state has its laws about prenups, and a New York lawyer will be familiar with the New York laws that govern prenups.
The lawyer will go over the agreement to ensure that the prenup is fair, legally binding, and will hold up in court if the couple ever divorces.
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New York 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 a licensed lawyer's time and legal expertise.
According to ContractsCounsel's marketplace data, the average New York prenuptial agreement drafting costs are $910.00.
Reviewing New York Prenuptial Agreement Cost
Hiring an attorney to review a prenuptial agreement also comes with legal fees. The lawyer will use their legal expertise and knowledge of New York law to review the contract and check for mistakes.
ContractsCounsel's marketplace data shows that the average prenuptial agreement review costs in New York are $510.00.
How Do New York Lawyers Charge for a Prenuptial Agreement?
Hourly Rates for Prenuptial Agreements
Many family law attorneys in New York charge clients using an hourly rate fee structure. When using an hourly rate structure, the attorney bills the client at a set hourly rate for the number of hours worked on a case or project.
Billable hours can include:
- Meeting with the client to discuss the content of the prenup
- Time spent drafting
- Revisions
- Hours for support staff work like paralegals and legal assistants
The marketplace data for ContractsCounsel shows that the average hourly rate for a family lawyer in New York ranges from $200 - $300 per hour.
Flat Fee Rates for Prenuptial Agreements
Flat rate billing structures are commonly used by lawyers for contract drafting projects, like drafting prenuptial agreements.
When using a flat fee rate, a lawyer provides the client with a quote for legal services that encompasses the entire job. If the client agrees, they will pay upfront, and the lawyer will begin working on their case or project.
Clients prefer flat fee rates because they know exactly how much legal services will cost before agreeing to hire an attorney. In addition, lawyers benefit from flat rate fees because they collect payment upfront and don’t have to keep track of their billable hours or risk non-payment from a client after the work is completed.
ContractsCounsel's marketplace data shows that the average flat fee rate for a prenuptial agreement in New York is $690.00.
Get Help with a New York 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 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.
