Millennials in Massachusetts and elsewhere place more value on experiences than they do on possessions. In the same way, the latest trend shows that when it comes to prenuptial agreements, millennials place just as much value on their ideas that they do on their money. More millennials are seeking to protect their intellectual property in the event of a future divorce, as they realize that divorce rates today are higher than they have been in decades past.
Examples of intellectual property that millennials are interested in safeguarding through prenups are screenplays, songs and films. They are also including apps and software in these marital contracts, which spell out what will happen if the parties get divorced. Even ideas about technology concepts that have not yet been executed can be included in a prenup, as can real estate.
Among millennials, there is a greater focus on creating things, such as businesses, so they naturally want to safeguard their unique ideas. However, placing values on these ideas can be challenging and often creates a gray area. Legal guidance can help people to value these types of assets appropriately.
There has been an increase in the number of millennials asking for prenups over the past three years. In fact, more people of all ages have become interested in executing prenups in recent years. An applied understanding of the law may help people in the state of Massachusetts to effectively create prenuptial agreements that reflect their best interests when it comes to protecting both their tangible and intangible assets if divorce occurs down the road.
Source: bloomberg.com, “Prenups for Ideas Are All the Rage With Millennials“, Polly Mosendz, Nov. 1, 2016