How much does a Texas prenuptial agreement cost ? This is a common question that Texas couples often ask when contemplating marriage. So let’s explore this question and review general information about prenuptial agreements and why they are important.
How Much Does a Prenuptial Agreement Cost in Texas?
A prenuptial agreement, also called a premarital agreement or shortened to a “prenup,” is a legally binding contract between a couple preparing to get married. Prenups are agreements that establish how property, assets, and debts will be divided if the couple decides to divorce.
Most couples don’t go into a marriage planning on a divorce, so prenuptial agreements can be a challenging topic to discuss. However, these contracts, although sometimes stigmatized, are great tools for couples to use to protect their assets and financial future.
Texas is one of nine states that follows “community property” laws. This means that once a couple marries, any assets or debts obtained are equal responsibility of both spouses.
If one spouse takes out student loans to return to school, the other spouse is responsible for 50% of those loans. Likewise, if one spouse buys a house, the other is entitled to half the house even if they didn’t contribute to the purchase.
Community property laws can sometimes be unfair, so couples must discuss what property distribution plan would suit them and detail this plan in a legally binding prenuptial agreement.
Prenuptial agreements can be very technical documents, especially if there are children from prior marriages and the prenup must cover inheritance. For this reason, many Texas couples choose to hire an attorney to draft their prenuptial agreement.
An attorney will know what information needs to be included to protect both parties and be legally enforceable in a Texas court.
Based on ContractsCounsel's marketplace data, the average cost of a prenuptial agreement in Texas is $653.33.
Is a Prenuptial Agreement Enforceable in Texas?
Like many other states, Texas follows the Uniform Premarital Agreement Act (UPAA) for laws regarding prenuptial agreements. Under this act, for a prenup to be enforceable in Texas, it must meet the following requirements:
- The prenup must be in writing
- The agreement must be executed “in contemplation of marriage”
- Parties cannot be coerced or forced into signing
- Agreement cannot be “unconscionable,” meaning it must be fair
- Cannot violate public policy
A lawyer familiar with Texas law will ensure that your prenuptial agreement meets these requirements and is legally enforceable.
What's Typically Included in a Texas Prenuptial Agreement
Prenuptial agreements will vary based on the couple and their financial situation. Prenups are easy to customize, and couples often include clauses about important things like family heirlooms.
Texas prenuptial agreements can legally cover the following issues:
- The rights and obligations of each spouse regarding premarital assets and debts
- Division of marital assets
- Rights to buy, sell, transfer, use, manage, and control property
- Allocation of property if a spouse dies
- Rights to alimony
- The making of a will or trust to facilitate the terms of the prenup
- The choice of law that governs the agreement if a dispute arises
In Texas, a prenuptial agreement cannot violate any public policy or criminal laws. In addition, it cannot dictate child support and child custody. Texas laws state that the right to child support is the child’s right and, therefore, must be determined by Texas law, not a prenuptial agreement.
Benefits of a Prenuptial Agreement
Prenuptial agreements provide couples with many benefits. The most noteworthy 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
Divorces are often emotional and can bring out the worst in people. A prenuptial agreement settles the most tedious matters – financial matters – before the breakdown of the relationship. A prenup will save spouses both time and money in divorce court.
Texas Prenuptial Agreement Projects
Prenuptial Agreement Drafting in Texas
Prenuptial agreements are important documents that can have lasting financial effects on people’s lives. Therefore, a knowledgeable lawyer familiar with Texas laws must adequately draft these legally binding contracts.
Before drafting a prenup, a lawyer will have a consultation with the couple. The lawyer will need to document all the couple’s assets and debts so that they can be included in the prenup.
It is important not to leave out any information. Once the lawyer has collected all pertinent information, he can draft a customized prenuptial agreement.
Prenuptial Agreement Review in Texas
Templates for prenuptial agreements are readily available online, so couples can draft their own prenup. However, suppose prospective spouses choose this route. In that case, it is highly recommended that they have a licensed attorney review their agreement before signing.
An attorney will review the contract to ensure it is fair and abides by all Texas laws. The last thing a couple would want in a divorce is to find out their prenuptial agreement is invalid and be subjected to state property division laws.
Texas 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 Texas prenuptial agreement drafting costs are $950.00.
Reviewing a Texas 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 Texas law to review the contract and ensure it is legally binding.
ContractsCounsel's marketplace data shows that Texas's average prenuptial agreement review costs are $505.00.
How Do Texas Lawyers Charge for a Prenuptial Agreement?
Hourly Rates for Prenuptial Agreements
It is common for Texas 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 and then bill them for the number of hours spent working on a case or project.
Billable hours can include:
- Drafting time
- The time of other staff in the office like paralegals or secretaries
The marketplace data for ContractsCounsel shows that the average hourly rate for a family lawyer in Texas ranges from $200 - $350 per hour.
Flat Fee Rates for Prenuptial Agreements
When a lawyer is hired to complete a drafting project like writing a prenuptial agreement, they may choose to quote a flat fee rate instead of billing by the hour. The attorney will use their experience to estimate how long the drafting project will take and then quote the client a fair flat fee for all legal services.
It is important that the client reads over the fee agreement carefully and understands what services are included in the flat fee. Additional consultations or revisions may end up costing more money.
ContractsCounsel's marketplace data shows the average flat fee rate for a prenuptial agreement in Texas is $653.33.
Get Help with a Texas 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 Texas 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.