Millennials in Ontario, which are those individuals aged between 18 and 35 years, are reportedly changing the scene of prenuptial agreements. Not only is it no longer primarily men who initiate the need for marriage agreements, but the focus has also shifted from protecting old money that is brought into marriages to potential future assets resulting from ideas existing in the heads of those planning to get married. Reportedly, there is an increasing tendency for millennials to seek protection for ideas and thoughts from being used by a spouse in the event of a divorce.
Instead of using marriage agreements to protect tangible objects, many millennials use prenups to safeguard intangible property that might exist in the future. These include concepts and ideas for songs, apps, screenplays, films, software and a variety of technological concepts that exist in the heads of individuals to be executed sometime in the future. Inherited cash and alimony hardly feature in marriage agreements of millennials.
Drafting marriage agreements to protect assets that do not exist yet is challenging. Establishing an accurate value of a potentially profitable concept or intellectual asset is an important part of drafting an agreement to protect such assets. The legal language of the document must protect a future value of something that is nonexistent now but must be safeguarded in the future.
Despite a decreased in divorce rates, more and more millennials are seeking marriage agreements. However, for such contracts to effectively protect the concepts and ideas that exist in the heads of this generation is no easy task, and might be best accomplished by an experienced Ontario divorce lawyer. While addressing these complicated issues, a skilled lawyer can also spend time on making sure the traditional side of the agreement is done to protect tangible assets such as real estate, inheritances and more. Source: bloomberg.com, “Prenups for Ideas Are All the Rage With Millennials“, Polly Mosendz, Accessed on April 27, 2017