How much does an Ohio postnuptial agreement cost? If you are a married couple in Ohio, you may be asking this question. Let’s explore this question and review some general information about postnuptial agreements and why they are important.
How Much Does a Postnuptial Agreement Cost in Ohio?
The average cost (i.e., legal fees) for an Ohio lawyer to draft a postnuptial agreement is $950.00 [1] on a flat fee basis. The average cost for an Ohio lawyer to review a postnuptial agreement is $414.00 [2] on a flat fee basis. These cost points come from recent Ohio postnup projects on the ContractsCounsel platform.
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Postnuptial agreements, often called post marital agreements, are legally binding contracts entered into by spouses after they are married. The purpose of a postnuptial agreement is to plan out how assets and liabilities will be divided in the event of a divorce or the death of one spouse. Sometimes these contracts are executed in preparation for a divorce, and sometimes they are used to plan out a couple’s financial future.
Many couples choose to hire an attorney to help draft a postnuptial agreement. An attorney will be familiar with Ohio laws and can explain the contract to each party to ensure each spouse has a clear understanding of the terms and any rights they may be waiving.
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
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Why Do I Need a Postnuptial Agreement in Ohio?
Property division is a key aspect of divorce, and it is often one of the most highly contested issues. Property is divided into two categories: separate property and marital property. Separate property is property obtained by one spouse before the marriage while marital property is property obtained during the marriage.
In Ohio, divorce courts follow the rules of equitable distribution. This means that all marital property will be divided in a way the court deems fair and equitable. To determine what is fair, courts will look at each party’s situation and needs including factors like:
- Length of the marriage
- Age and health of each spouse
- Earning potential of each spouse
- Primary caregiver to minor children
Rather than allowing the court to make these important decisions, many couples choose to execute a postnuptial agreement. A marital agreement puts decision making power back in the hands of the couple and allows them to customize a financial plan that suits their needs.
What's Typically Included in an Ohio Postnuptial Agreement
It is common to find the following provisions in an Ohio postnuptial agreement:
- Property division. The main purpose of a postnuptial agreement is to lay out how the couple would like to divide their property in the event of a divorce. Property can include real estate, investments, retirement accounts, and personal property.
- Spousal support (alimony). Spousal support is payment made by one spouse to the other to help financially support a lesser earning spouse after a divorce. Couples can use a postnuptial agreement to set the amount of each payment and duration of payments or to waive spousal support entirely.
- Debt allocation. A prenuptial agreement should detail which spouse will be responsible for debts incurred during the marriage. This is especially important if either spouse incurred a large amount of debt, like student loans or a new vehicle during the marriage.
- Inheritance or gifts. Typically, inheritance or gifts given to one spouse are separate property and shouldn't be subject to asset distribution in a divorce. However, it is always a good idea to protect these assets in writing.
- Business interests. If either spouse owns a business, a postnuptial agreement can protect business interests and assets or lay out a plan for dividing the business between spouses.
If a couple has minor children, they may include provisions in a marital agreement relating to child support and child custody. Some courts will honor these terms as long as the terms are more beneficial to the child than what the court would have ordered.
Are Postnuptial Agreements Enforceable in Ohio?
Yes. Postnuptial agreements are enforceable in Ohio as long as the contract meets specific requirements. Some of these legal requirements include:
- The agreement is in writing (oral contracts will not be enforced)
- The terms do not encourage divorce
- Both parties fully disclose their financial situations or agree to waive disclosure
- The agreement isn’t signed under duress, fraud, or coercion
In addition, to be enforceable, the court must determine that the agreement is fair and not unconscionable. The postnuptial agreement cannot include any clauses that promote criminal activity or violate public policy.
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Postnuptial Agreement Drafting in Ohio
It is highly recommended that a couple hires a knowledgeable attorney to draft a postnuptial agreement. A lawyer familiar with Ohio law will know what can and cannot be included and enforced in an postnuptial agreement.
Postnuptial agreement drafting usually involves a consultation with the couple and once the attorney has all the information he needs, he can begin drafting the contract.
Postnuptial Agreement Review in Ohio
In some cases, a couple may have an existing agreement, or they have drafted their own contract from a template. While this works sometimes, it is important to understand that each state has different laws governing marital agreements and the template may not cover those state specific laws.
Before executing a postnuptial agreement, couples are encouraged to have the document reviewed by a licensed attorney. The attorney will ensure that the contract is fair, follows all applicable Ohio laws, and will be enforceable in court in the event of a divorce.
Ohio Postnuptial Agreement Drafting Cost
Hiring an attorney to draft a postnuptial agreement will result in legal fees. Drafting contracts requires the time and legal skill of a licensed lawyer.
According to ContractsCounsel's marketplace data, the average postnuptial agreement drafting costs in Ohio are $1,075.00.
Ohio Postnuptial Agreement Review Cost
Hiring an attorney to review a postnuptial agreement will also come with legal fees. The lawyer will take their time going of the contract and making adjustments as necessary.
ContractsCounsel's marketplace data shows the average postnuptial agreement review costs in Ohio are $414.14.
How Do Ohio Lawyers Charge for a Postnuptial Agreement?
Hourly Rates for Postnuptial Agreements
It is common for family law attorneys use an hourly rate fee agreement to charge their clients. This means the 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 Ohio ranges from $200 - $300 per hour.
Flat Fee Rates for Postnuptial Agreements
When a lawyer is hired for a specific project like drafting a contract, instead of tracking their hours, they may estimate the total time the project will take and quote one flat fee rate.
Flat fee rates often include a consultation, drafting or review, and edits, but the client should double check exactly what services the flat rate includes to avoid unforeseen charges.
ContractsCounsel's marketplace data shows the average flat fee rate for a postnuptial agreement in Ohio is $761.81.
Get Help with an Ohio 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 Ohio 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.
