If you are considering a prenuptial or postnuptial agreement, you may be holding back for fear of the cost. While it can be expensive, the cost often rises in proportion to the assets you have to protect, arguably making it more important to do so. In this situation, many people ask: “how much does a prenup cost in Washington state”?
The Seattle prenup attorney team at S.L. Pitts is here to help you understand the many factors that can affect the ultimate price of your prenup and postnup, and how these can affect your costs in a divorce.
The Average Cost of Getting a Prenup or Postnup in Washington
It is nearly impossible to identify an accurate average cost of getting a prenup in Washington State due to the many factors involved. These will typically cost between $1,000 to more than $10,000 based on your attorney’s experience and the complexity of your case, which hardly gives you a clear idea.
However, there are some general considerations that can help you know whether yours will be on the low, mid, or high end of the spectrum.
Lower Cost
Prenuptial agreements are often on the cheaper end when individuals have relatively simple financial situations and don’t include considerations like business ownership or kids. This may be ideal for younger couples who have some assets or debts to bring into the marriage, but nothing substantial.
Mid-Level Cost
You can expect the costs to increase when you introduce more complexity, such as retirement accounts, property, or other higher-value assets that may require more attention or negotiation. This may be helpful for couples who have established careers with modest retirement accounts, or one individual has already purchased a home.
Higher Cost
As you have high-value assets to protect in a divorce, you will find that the process requires more billable hours from your attorney and will likely include more negotiation time. You can expect a more expensive process when you are dealing with business ownership, multiple properties, or even blended families, where inheritance is part of the concerns.
What Washington Prenup Lawyers Usually Charge
The range of what a prenuptial can cost is significant, but the fee schedule can help you understand what to expect from your situation. Most family law firms use the following formats to determine costs.
Hourly vs. Flat Rate Fees
Hourly rates are a great way to ensure your lawyer is paid for the work they do, while giving them the flexibility to do exactly the work necessary as it comes up. A qualified prenup lawyer in Seattle will ensure you are clear on their rates and how they will apply so there are no surprises.
Some prenup attorneys will use a flat rate for more basic or simple services. This includes a couple who have few assets and simple needs that will not require significant negotiation or complexity. Or it may include a flat fee for drawing up the agreement and up to X-hours of negotiation or mediation time.
Retainers
Retainers are common practice for law firms to ensure they are paid for services without unnecessary delays while awaiting payment. Typically, a retainer is seen as a type of prepayment for their services. A retainer can ensure that the attorney has time to dedicate to your case and serves as a kind of deposit they draw on for their billable hours.
Who Pays for a Prenup?
When you complete a prenup, it is often advised for each party to have their own representation. It is not uncommon for the party with more financial resources to cover the costs of both attorneys, but ultimately, each person is responsible for their own representation in the process.
Factors That May Increase the Cost of Your Prenuptial Agreement
When we consider the fact that more work typically equals a higher cost of creating your Seattle prenup, it makes sense that some of the below are likely to increase what you pay:
- The Number and Value of Assets You Have to Disclose: The more you have, the more there is to consider, and the more likely one party is to want to negotiate.
- Business Interests: These often require careful consideration and discussion to determine whether the soon-to-be spouse will receive a portion of profits or benefits for business interests, and under what conditions. Businesses may also require third parties to value the business.
- Variable Compensation: This can be difficult to fully value or liquidate, and may also require forensic accountants or other specialists to gain a fair value.
- Identifying Separate vs. Communal Property: This can become important to determine, especially if one party has property to bring into the marriage, or previously established business ventures fund property that may otherwise be considered communal, but this can be a time-consuming process, thus adding to costs.
- Blended Family: This is often related to items or assets that children or dependents from a previous marriage should inherit, and adds another layer of discussion and negotiation.
- Spousal Support: This can be a complicated issue that requires extensive negotiations and a full understanding of all assets and liabilities coming into the marriage, which requires additional attention to the situation.
What Is Typically Included in the Cost of a Prenup or Postnup?
One of the things you should always know when you work with an attorney is what is included in the fees you are paying. There are several things that we would typically consider part of the service, but what are they, and what may cost extra?
Drafting the Agreement
It is reasonable to expect that part of your fees includes the actual drafting of the agreement. This is the whole point of the process afterall. You may want to ask them about the timeline and determine what information they need to get it done quickly and accurately. This should also include notarization services if the papers are signed with your attorney.
Gathering the Necessary Documents
Another common part of services you may get from a Seattle prenup attorney is gathering documents. They may request that you provide them, or they may make the requests on your behalf. This will depend on the attorney and is an important question to ask ahead of time.
When You May Pay Extra
Oftentimes, additional administrative fees for requesting documents, evaluations, or assessments may not be included in the hourly fee. For example, if there is a fee to pull property information, they may bill this separately from their hourly rate. Similarly, you may find that the cost of a business valuation is separate.
Keeping Costs Reasonable
Regardless of the complexity of your situation, there are a few things you can do to minimize the cost of your prenup or postnup agreement.
Come Prepared With the Necessary Documents
Try to get a list of the necessary documents up front so you can ensure they are ready to go when the time comes. This can reduce the time your prenup lawyer has to spend following up or trying to get them, which means things move faster and ultimately decreases your cost.
Be Honest in Financial Disclosures
Failure to fully disclose your financial assets or liabilities can mean your prenup is unenforceable if it is discovered at the time of divorce. However, if it is noted during the process, it can lead to more back-and-forth in negotiations or confirmations, which can quickly increase billed hours.
Focus on Priorities
While you technically could document how all your items are divided in case of divorce, it is more cost-effective to focus on the valuable or sentimental items rather than address all the smaller things. Determine your priorities, and focus on those.
Try to Keep a Collaborative Approach
Ultimately, if you can make this a collaborative effort, things will go much faster, preventing a drawn-out back-and-forth negotiation. The family law attorneys at S.L. Pitts have seen that this is an excellent opportunity to make sure you are clearly communicating and working together to start your life together on the same page with clear expectations.
The Risks of Not Having a Prenuptial Agreement in Washington
Most of us do not get married with the intention to get divorced, and many people look down on the idea of a prenup because they feel that it means they are planning for the marriage to fail, or they don’t want their partner to feel like they don’t trust them. However, it is a great way to protect both of you if the unexpected happens and you decide to end your marriage.
Without a prenup, you are left to the default guides of the state, or trying to figure it out in the midst of all of the other hurt and change.
Property Division and Determining Separate or Community Property
According to the Washington State Legislature, any property acquired during the marriage is considered marital property with very few exceptions. Without a prenup, disputes can be messy and lengthy to resolve
While this may be generally agreeable, if you have circumstances where this may not seem fair, or you would like to separate certain assets, this is best done in a prenup or postnup agreement. Doing this can dramatically reduce the amount of conflict or negotiation as you navigate property division in your final divorce agreement.
Terms of Spousal Support
The state of Washington has a clear outline for spousal support and how it should be awarded. Without an enforceable prenup, you may find yourself having to negotiate the terms of spousal support from the ground up. This is often a significant point of contention and can end up being stressful, time-consuming, and costly.
Litigation in a Divorce Can Take Longer Than Negotiations in a Prenup
When you draft a prenup, you are likely at a point where you and your partner can work together, and both parties are typically more willing to look out for the other, allowing you to create a relatively fair agreement pretty quickly.
However, in the throes of divorce, emotions can get in the way, making both parties less inclined to give, resulting in longer negotiations and possibly even litigation in court, compared to creating a prenup.
An Enforceable Prenuptial Agreement Can Save You Money in the Long Run
While the main focus of a prenuptial agreement is typically to ensure certain assets are protected, it can also significantly decrease the money, stress, and energy you put into a divorce. A well-drafted prenup can provide a solid template for allocating major assets and liabilities, and sometimes even spousal support. There are several things you can do to ensure your prenup is well-drafted and enforceable.
Be Proactive
A key part of a prenup is that it is a voluntary agreement among future spouses. Many courts see a last-minute prenup as a red flag that it was pressured or coerced. To avoid this kind of suspicion or doubt, it is ideal to get a prenuptial agreement in place a couple of months, or at least several weeks, before the wedding.
Independent Representation
Similarly, it is smart to ensure that both parties have independent representation, demonstrating that each person is well-informed and has the resources to advocate for themselves. When this does not happen, it can raise concerns about a power imbalance that might indicate both parties were not well-informed or were not voluntarily participating.
Clarity and Fairness
Finally, a judge is likely to enforce any reasonable terms in a prenup. However, they may not approve an agreement that leaves one person with all of the debt and significant spousal support payments without reasonable justification or the belief that both parties entered into the agreement knowingly and voluntarily.
Make sure you consult with a Seattle, Washington prenup attorney to ensure the terms of your agreement are reasonable by law and generally fair.
Talk to a Washington Prenuptial Agreement Lawyer
The basics of a prenup are not necessarily complicated, but speaking with a Washington prenuptial agreement lawyer can help ensure that it is prepared legally and appropriately. You can contact S.L. Pitts today to schedule a consultation with one of our prenup lawyers.