We live a life wherein society likes to label things, including our generations. Maybe you are a Baby Boomer. Are you a Generation Xer? You might be a Millennial. Depending on the generation in which you are classified, researchers have found that family law trends differ.
A recent study into prenuptial agreements found a trend specific to Millennials (ages 18-35). Not only is it becoming more common for this group to create prenuptial agreements, but they are also adding a twist to the marital contracts.
Traditionally, prenups bring to mind the act of protecting tangibly valuable assets, such as inheritance, savings, real estate, heirlooms, etc. The Millennial twist on the process is to protect something that still might be valuable but isn’t tangible: ideas.
Intellectual property is essentially what many men and women in the specific generation want to protect. This is the era of technological and social media ideas. An entrepreneurial mind is common among the younger generation. Their ideas are what they believe will make them financially secure someday.
But what if their ideas don’t make them rich until after a marriage is over? That seems to be a growing concern among Millennials. To protect the potential value of their ideas or future businesses, couples within the demographic are writing into their prenups how future earnings and success would be addressed should the couples get divorced.
Identifying value among tangible assets can already be complicated. Addressing how to value and divide (or not divide) the value of a hypothetical future success undoubtedly could be even more complex.
Yet, if you feel that legally protecting your ideas makes sense for you in your family life, don’t hesitate to discuss your concerns with your trusted family law attorney. Going into a marriage with a clear, agreed-upon picture of financial matters can actually build a strong basis for a secure relationship.