Millennials set a trend with prenups for intellectual property

Millennials, those folks aged 18-35, are definitely different than previous generations.

Perhaps it’s because they’ve grown up in a world where the things that permeate their physical lives — electronics — are highly replaceable (or even disposable), but the intangible things that those objects hold are often considered invaluable, whether it’s someone’s complete music collection or the scans of every drawing their 2-year-old has made.

Whatever the reason, Millennial couples are more interested in protecting their ideas and intellectual property than they are their physical possessions in the event of a breakup. And, according to the American matrimonial lawyers, there’s also a clear increase in the number of couples aged 18-35 who are getting prenuptial agreements.

Some attorneys note that prenuptial agreements were something people with “old money” needed. They serviced rich families that wanted to keep track of the heirloom jewelry and artwork as well as property and buildings.

Millennials seem to recognize the realistic odds of their marriage surviving and are unwilling to gamble their financial futures — it’s just that the prenups they draft are less concerned with who gets great-grandmother’s diamond ring and who has the right to unpublished screenplays and books, artwork, business ideas and concepts that are still on the drawing board. The family estate is less likely to be in dispute than the family blog — who gets to keep it and their following after a breakup could be a big issue to Millennials.

If you’re interested in drafting a prenuptial agreement that’s focused more around intangibles than anything else, you need to talk to your attorney about making sure that the language goes far into the future — especially if you’re trying to value an idea that hasn’t yet been brought to fruition.

For more information on prenuptial agreements and how they could be used to protect your intellectual property if you do end up divorced, you’ll find an attorney can provide advice.an guidance.

Source: Bloomberg, “Prenups for Ideas Are All the Rage With Millennials,” Polly Mosendz, accessed April 21, 2017