For millennial couples in New York and all over the country, there’s a new marriage trend. Prenuptial agreements are on the rise nationwide, but for this generation, it’s not just about the cash. Whereas in the past, prenups generally covered the protection of inherited money or focused on alimony, attorneys have seen a marked increase in millennial couples wanting to protect their ideas.
The American Academy of Matrimonial Lawyers conducted a survey with surprising results: 62 percent have seen a noticeable rise in requests for prenups, especially in the millenial age group, which is those between the ages of 18 to 35. Millennials are aware of divorce rates, which, though they have actually fallen in recent years, are still high. This, among other things, is motivating that demographic to increasingly request prenuptial agreements.
This new breed of prenup, though, focuses less on traditional financial issues and, instead, sets out to protect intellectual property. This could include software and apps, screenplays and films, songs, or even ideas for technologies that have not been invented yet. As in conventional agreements, real estate is still typically included as well.
Whether New York couples are currently going through a divorce with an existing prenup or are looking to draft a prenuptial agreement, the guidance of an attorney with experience in such matters can be hugely beneficial. Prenuptial agreements can insure the protection of all parties involved and make for a more amicable divorce should the need arise. However, skilled legal advice can be invaluable throughout the process.
Source: thefashionlaw.com, “Forget Money, Millennials Seeking Prenups for their Intellectual Property“, Nov. 1, 2016