When you enter into a premarital agreement in Mankato Minnesota, Minnesota law mandates that both the husband and the wife who are signing the agreement be represented by a qualified legal professional. Since a premarital agreement is a legal document and divorce and family law attorneys are involved, many people are concerned about the costs associated with creating such an agreement. The reality, however, is that premarital agreements in Mankato Minnesota can be a wise financial investment.
The Cost of Premarital Agreements in Mankato Minnesota
Attorneys normally charge by the hour for the creation of a premarital agreement, although there may be some limited exceptions in cases where you have already agreed on the provisions of the premarital contract and you just need an attorney to draft the agreement or to look over your existing paperwork.
Because attorneys typically charge by the hour for a premarital agreement, your cost will directly depend upon how complicated the agreement is, how detailed its provisions are and whether you and your spouse have agreed to terms or need to negotiate them. If you have significant assets, a family business, or your situation is otherwise very complicated, then your premarital agreement is likely to need to include more provisions and more details to provide sufficient protection. This can lead to the agreement costing a little bit more. Likewise, if you and your spouse need your attorneys to help you to agree on terms and provisions of the contract, this can also result in you spending more on legal fees than if everything is decided and you just need a little bit of legal guidance.
For a simple premarital agreement, the cost is very reasonable, especially if you are already in agreement with your spouse. Even a more complicated agreement or one that has to be negotiated, however, can be a major bargain when it comes down to a choice of having an agreement drafted by a lawyer or not having an enforceable agreement at all.
Not Having a Prenup Can Cost You
If you do not have an attorney representing you in the creation and signing of your premarital agreement, it is possible that your agreement will be declared unenforceable or that the court will not be able to accurately interpret and enforce its provisions. If this happens, then you may lose all of the protections that were contained within the agreement. Assets that were supposed to be protected could now become part of divorce negotiations and you could end up paying more in alimony than you expected based on the provisions of the premarital agreement.
A prenup that is not enforceable is also likely to lead to a costly divorce. Instead of being able to quickly and simply dissolve your marriage based on the terms of the prenuptial agreement, you could end up paying huge legal fees and experiencing significant stress as you go through a litigated divorce. It is much better for everyone to avoid this messy situation by getting the legal help you need in the first place to create a strong and fair premarital agreement that will govern your divorce.