Prenuptial agreements are becoming increasingly popular among millennials who are entering into marriage. They’ve grown up in a generation where many of their parents have gotten divorced — sometimes after long, bitter battles over property. Therefore, it’s only natural that they’re aware of the possibility of their marriage ending, even though divorce rates in general are in decline.
However, a primary incentive for a prenup for young couples may be something more than protecting traditional property, assets and inherited wealth. They’re more likely now to include intellectual property.
The last couple of decades have seen the rise of tech entrepreneurs who became multi-millionaires or even billionaires because they had an idea for a software program, an app or a website that became wildly popular. Many people entering into marriage want to protect their right to the fruits of their ideas — even if they haven’t thought of them yet.
Prenups can also include intellectual property such as music, screenplays, books and other works of art. They can include ideas for unique start-up businesses. As one divorce attorney notes, prenup stipulations can go “into the future for things that are not yet in existence.”
Of course, placing a value on an idea that someone hasn’t even thought of yet can be tricky. However, an experienced Massachusetts family law attorney can help you incorporate language into your prenup that will help you ensure that, in the event of a divorce, you can keep the monetary benefits you’re entitled to for your ideas and the work required to bring them to fruition.
Source: Boston Globe, “Prenups for ideas are all the rage with millennials,” By Polly Mosendz, Bloomberg News, Nov. 02, 2016