There are many misconceptions surrounding prenups, and those considering this type of marital agreement often benefit from consulting a knowledgeable attorney. If you are curious about the costs, processes, and potential challenges involved in drafting a prenuptial agreement, get legal advice from the team at Yates & Wheland. We are here to answer your questions about Hamilton County prenuptial agreements and help determine a plan that fits your situation.
A person can expect to pay a Hamilton County attorney around $1,000 to $1,500 to draft a prenup. Alternatively, some lawyers may have an hourly rate. In this case, a more complicated prenuptial agreement may take more time to draft, thus affecting the cost. A prenup may be more expensive if the couple has significant assets or is dealing with disagreements.
After completing the prenup, there could be future costs if the couple decides to change or cancel the agreement. However, if they are happy with their prenuptial agreement, then the couple will likely only pay for the cost of drafting the document with help from a skilled lawyer.
A person cannot be forced into signing a prenuptial agreement. In this situation, the couple would not get a prenup. Although a lawyer could explain the benefits to try and help motivate the person in certain ways, they cannot convince anyone to draft or sign a marital agreement.
A person may not want to sign a prenup if their soon-to-be spouse has significantly more assets, as their partner could use a prenup to prevent them from getting any of these assets. On the other hand, a person with few assets may not want to sign a prenup if they are not worried about protecting their assets. Without a prenuptial agreement, the courts will decide who gets what in the event of a divorce.
Community property means that in a divorce, property will be divided 50/50 no matter what. Tennessee is an equitable distribution state, meaning that in a divorce, a judge will split property based on what they deem to be fair.
If a divorcing couple has a prenup in place, they can avoid a lot of contested litigation. Marital agreements can result in quicker resolutions, as the couple has already discussed and laid out their plans with an experienced prenup attorney.
Without a written agreement, the divorcing spouses must go through the long, emotional process of litigating and potentially fighting over shared property. As such, working with a Hamilton County lawyer on a prenuptial can help a couple answer these difficult questions in advance and save costs in the event of a divorce.
If you are wondering whether a prenuptial agreement is a good idea for you and your soon-to-be spouse, discuss your concerns with a well-practiced lawyer. At Yates & Wheland, our legal team could go over your questions about Hamilton County prenuptial agreements and help you understand the implications of drafting this type of document. Call today to set up a consultation with a skilled legal advisor at our firm.