A prenuptial agreement, or “prenup,” is a legal planning step that can be taken before marriage. It is aimed at couples who are looking to establish financial clarity before a marriage or civil partnership. When required, Taunton Solicitors works with couples in Taunton and Somerset, emphasising that prenups should not be viewed as a sign of mistrust but as a way of creating a transparent and mutual understanding of each person’s financial situation. It provides a clear plan for managing assets and finances during the marriage and in the event of a separation, offering security for both parties. If you’re considering one, you’ve likely wondered about the fees for this type of document.
Why Consider a Prenup?
Prenuptial agreements offer significant benefits by setting clear expectations from the start. They’re particularly useful for:
- Protecting Individual Assets – If you or your partner enters the marriage with significant personal assets, a prenup can help ensure these remain separate property.
- Safeguarding Business Interests – For entrepreneurs, a prenup can help protect a business from being divided or disrupted in the event of a divorce.
- Securing Inheritances – A prenup can help isolate family wealth or future inheritances, in an effort to preserve them, as intended.
- Clarifying Debt Responsibility – If one partner has significant pre-existing debt, the agreement can help protect the other from being held liable for it.
- Providing for Children From Previous Relationships – A prenup can help ensure that assets are reserved for children from a prior relationship.
Ultimately, the agreement provides peace of mind, allowing you and your partner to begin your life together on a foundation of openness and security.
What Influences the Prenuptial Agreement Cost?
The cost of a prenuptial agreement through our firm isn’t fixed; it varies, based on several factors. The primary driver of the cost is complexity. A straightforward agreement for a couple with modest, simple assets will naturally cost less than one for a couple with intricate international investments, multiple properties, or complex business structures.
Another key factor is the legal process itself. For a prenup to be given weight by the courts in England and Wales, both individuals must receive independent legal advice. This means each person needs their own solicitor to review the agreement and advise them on its implications. The requirement ensures that neither party is pressured and that the agreement is fair to both. The total cost will therefore include fees for both drafting the initial document and for the independent legal review.
Breaking Down Prenup Solicitor Fees
So, how much should you budget for a prenuptial agreement? Based on the factors above, here’s a general guide:
- Drafting the Agreement – The cost for a solicitor to draft the initial prenuptial agreement typically ranges from £1,000 to £1,850 plus VAT. This fee covers the initial consultation, gathering of financial information, and creation of a document tailored to your specific circumstances.
- Advising on the Agreement – The solicitor providing independent legal advice to the other party will charge for their time to review the draft and consult with their client. This service generally costs between £550 and £1,750 plus VAT.
Legal Requirements for a Valid Prenup
Prenups are ultimately enforced at the court’s discretion. If, after marriage or civil partnership, a couple decides to divorce and a prenup exists, a judge must determine whether or not the prenup offers fair terms for both parties. If everything appears balanced, the judge is likely to abide by the terms of the prenup.
Further, for a prenuptial agreement to be upheld, certain conditions must be met:
- Full Financial Disclosure – Both partners must be completely honest and transparent about their financial situations, including all assets, debts, and inheritances.
- Independent Legal Advice – As mentioned, each person must have their own solicitor to ensure they fully understand the agreement and are signing it freely.
- Timing – The agreement should be signed well in advance of the wedding, ideally at least 28 days before, to avoid any suggestion of pressure or duress.
A Smart Investment in Your Future
Starting the conversation about an asset protection prenup with Taunton Solicitors for marriages in Taunton or Somerset as early as possible in your wedding planning process is always a good idea. It allows plenty of time for open discussions and legal consultations without feeling rushed. View the cost as an investment in financial security and marital harmony. By establishing clear and fair terms from the beginning, you and your partner can move forward with confidence, knowing you have a solid plan in place for your future together. Contact us today to discuss your prenuptial agreement needs.