The Cost of a Prenuptial Contract in New Jersey
Just like the other areas of law family attorneys practice, their payment is based on a retainer and then hourly rates. Determining the cost of a prenuptial contract in New Jersey can be difficult, as it largely depends on the complexities and circumstances of your case. If you have several trusts, financial entities, LLCs, or properties that must be valued, the process of drafting a pre-marital contract might cost more. These costs may involve an accountant or a tax attorney or a trusts and estates attorney.
What Requires the Majority of Work when Drafting a Prenup?
Oftentimes, most of the work goes into accurately and comprehensively identifying what must be addressed in the prenup, regardless of the complexity of a person’s assets. If a person only needs a fairly simple prenup, it may be done within a few hours of going back and forth. However, if it is extremely complex, it could take months to reach a resolution.
A dedicated attorney could draft a prenup fairly quickly in some cases, but the opposing party’s legal counsel may make revisions, and we hold conferences. Every time there is a delay or another element must be addressed, the contract takes longer to draft, and the attorneys involved will bill for their hours of work.
The hourly fees are paid to the attorney for the work that is expended on a case, but one of the main costs of a prenup is really hiring the experts and accountants necessary to ensure that everything is properly disclosed. If an attorney must get appraisals of property, then there would be the cost of the appraisers or someone else who could evaluate a business. A key expert often involved are forensic accountants.
Unexpected Prenuptial Contract Costs
Once a person sits down with the attorney, they should start right away identifying everything of value that they own. If something pops up and there is an asset that was previously not addressed, then there may be unexpected costs to that prenuptial agreement in New Jersey for additional experts and more billable time.
Let an Attorney be the Ally You Need to Draft a Prenup
Being prepared to draft a prenup is essential during the process. Full and fair disclosure of all assets is required for a prenuptial contract to be legally enforceable and conscionable. If the other party in your prenup is not aware of all assets, you may be forced to divide your assets in court in the event of a divorce.
While the drafting process for a prenuptial contract seems expensive, it is important to remember that it could ultimately save you money and protect your assets if your marriage does not end up how you wanted. The cost of a prenuptial contract in New Jersey largely depends on the complexity of your situation, but you should reasonably expect to spend money to consult experts and accountants, as well as paying for the help of a qualified attorney.
Call today to learn more about the prenuptial agreement process and schedule a consultation to learn more about what your case might cost you.