Idea Protection - Get a Divorce Lawyer?

Idea Protection - Get a Divorce Lawyer?

It’s well known that millennials prize experiences over possessions, but the latest trend in prenuptial agreements shows that this generation might also favour protecting what’s in their head over what’s in their wallet, reports Times of India. Nowadays it’s thoughts and ideas that couples want to protect in case of a breakup. Just over half of matrimonial attorneys saw an increase in millennials requesting prenups over the last three years, according to a survey of 1,600 lawyers conducted by the American Academy of Matrimonial Lawyers. It’s not just millennials: Some 62% of those polled said clients of all ages are increasingly asking for prenups. But it’s a notable increase from how many 18- to 35year-olds were going for prenups a generation ago.

“Millennials are getting older and richer,” said Randall Kessler, a divorce lawyer in Atlanta. “Prenups used to be for money but now prenups do different things, like safeguarding intangible property.” A decade ago, only 5% of the prenups Kessler’s firm worked on were for millennial-aged clients. Today, that number is about a quarter. Barry Slotnick of law firm Buchanan Ingersoll and Rooney said that the demographic was more concerned about its fiscal future and very cognizant of divorce rates, prompting millennials to draft prenups. Prenups requested by millennials aim to protect intellectual property such as films, songs, screenplays, software, apps and even ideas for technology concepts yet to be executed. Real estate is also typically included in these agreements.

These new-school prenups “would have language that went into the future for things that are not yet in existence,” said Steven Kirson, a divorce attorney who first encountered a millennial requesting this type of agreement about six years ago. “There’s a heightened focus on the creation of something, whether that’s in the form of intellectual property (IPR) or a business that they would establish in the future,” said Michael Mosberg, a partner at Aronson, Mayefsky and Sloan. Attempting to protect potentially profitable ideas that don’t yet exist is no easy task, legally speaking. Kessler occasionally consults with other lawyers to ensure that the prenup his team is working on identifies and values the intellectual asset correctly. “How do you know what it’s really worth?” Kessler asked of the ideas millennials attempt to protect. “It’s a grey area.”

Moreover, there is no guarantee that millennials will ever need to use the prenuptial agreements. The divorce rate has fallen. Over the last three years, John Slowiaczek, president-elect of the US academy, has seen a rise in cohabitation and partnership agreements drafted by attorneys for millennial couples. Millennial women are driving the push for prenuptial agreements, a contract that was traditionally laid out by the groom when men were primary breadwinners. Agreements for millennial couples also tend to eschew alimony. “Marriage creates an obligatory situation. A cohabitation is two people who just decide to live together,” Kessler said. However, these agreements have their downfall too, such as setting up inheritance, health-care and child-rearing rights between partners that are otherwise granted upon marriage. There’s also the theory that couples who get married later in life are more likely to stay together. But millennials have yet to prove it true.

SJP @DigitalAsian - ShareYaar

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