For many years, people have been using a prenuptial agreement as a way to protect assets that they bring into a marriage. While this is still commonplace, the younger generation is considering something else.
There is a trend in prenuptial agreements in which people use this legal document to protect intangible property.
Millennials, in particular, are finding it more important than ever to protect intellectual property, which can include but is not limited to software, apps, songs, films and screenplays. Believe it or not, this can also include ideas, such as for new technology, that have yet to be implemented.
Traditionally, a prenuptial agreement is used to protect tangible assets that are brought into a marriage. While this is simple enough, at least in theory, the same cannot be said for protecting intellectual property and ideas that don't exist. There are many issues with this, including the fact that it can be difficult to assign a value to these things.
As technology continues to grow, as more and more people take an entrepreneurial route in regards to their profession, it's safe to say that a growing number of people will consider this type of prenuptial agreement.
As you close in on your wedding day, you'll have many tasks on your plate. One of these may include asking your soon-to-be spouse to sign a prenuptial agreement. Taking this one step further, you may want to discuss the idea of protecting intangible property.
Due to the many complications and challenges associated with creating a prenuptial agreement, give yourself enough time to approach all the most important personal and legal details.
Source: Bloomberg, "Prenups for Ideas Are All the Rage With Millennials," Polly Mosendz, Nov. 01, 2016