A 2016 survey of the American Academy of Matrimonial Lawyers revealed an increase in the number of people in the millennial age bracket seeking prenuptial agreements. The lawyers who participated in the survey claimed they had seen a spike in the number of clients ages 18 to 35 seeking such agreements in the past three years.
According to CNBC, this peak follows a five-fold increase in the number of couples seeking such agreements over the past two decades. At the end of the day, signing a prenuptial agreement is a practical way to protect your financial future in the event of a divorce.
If you want to devise a prenuptial agreement for you and your future spouse, a family lawyer from Elliot Green Law Offices can help. Call 718-260-8668 to schedule a free initial consultation with a Brooklyn divorce attorney today.
Can You Include Intellectual Property in a Prenuptial Agreement?
According to the American Bar Association, you can include non-tangible assets like intellectual property in a prenuptial agreement. In fact, it appears that people in the millennial age bracket want to protect their intellectual property more than anything else.
Bloomberg reports that people are more concerned about their financial futures than they ever have been. They are also more protective of their assets. This could be because a staggering number of millennials are children of divorce themselves and thus have seen firsthand how it can devastate one or both spouses financially.
Millennials might have fewer assets and more liabilities than generations past—CNN reports that college graduates accumulate an average of $30,000 in student loan debt—but it appears they value their potential earnings more than any other demographic does.
Whether they plan on producing a creative work or establishing a business, there is an increased urgency to protect future earnings that their intellectual property produces. Protecting potentially profitable ideas is complicated, but an experienced family lawyer will be able to help.
It is important to keep in mind that individuals who start successful businesses may still be indebted to their spouses. For example, if you establish a start-up and your spouse runs the household so you can succeed, is he or she entitled to some portion of the company in the event of a divorce?
Issues arise when intangible contributions have a direct effect on tangible assets. You can protect yourself and your financial future by discussing all possible scenarios with your future spouse before saying “I do.”
Open communication is a critical component of any healthy marriage, and if you two can have a frank discussion about finances before tying the knot—and can ensure your expectations are reasonable regarding your financial situation moving forward—you will be well on your way to building a strong partnership.
If you want to draft a prenuptial agreement, a divorce attorney from the Elliot Green Law Offices will ensure that it includes everything that matters. To discuss your needs with a Brooklyn family lawyer, call 718-260-8668 today.