Millennial Prenuptial agreements on the rise - and it's not because they are making more money!
The number of 18- to 35-year-olds seeking prenuptial agreements is on the rise nationwide and we have definitely noticed it at Mindin & Mindin, but the reason behind it may surprise you. Millennials are more interested in protecting the what could be rather than the what’s there. Intellectual property such as films, songs, software and even apps that haven’t been built yet (rather than cash) are just some of what New York based attorney Leon Mindin Esq. is drafting up.
Leon Mindin Esq. sees this day in, day out. Mindin believes that more and more millennials choose for their property (currently in existence or not) to remain separate as they enter this new chapter in their lives. That is why he believes that prenups are on the rise and will continue to be less of a taboo topic as couples approach the big day. Many of the previous generations did not protect themselves under the false belief that since they are not entering a marriage with significant assets, they should not draft such an agreement. Most people get married fairly young or at the on set of new careers before they have had a chance to accumulate significant assets or purchase a home. Within a few years of marriage, most people have established a steady career and income stream and are surprised how quickly that nothing turned into something.
However, living in an age of opportunity – whether it is from future earnings from a salaried job or from the creation of intellectual property, one should ALWAYS protect him or herself from what could be.
““A prenuptial agreement is like an insurance policy, it’s a small price to pay to protect your financial stability. Get married, put it under your mattress and hopefully never have to look at it again.””
Leon Mindin says that in a perfect world, all marriages would survive – but since at least ½ of them don’t, you shouldn’t play the odds either. People are often surprised that a prenuptial agreement is not as expensive as they had thought. Most standard agreements are usually done on a flat fee basis for both drafting and review. If you are getting married soon, allow yourself a minimum of six weeks to have a prenup drafted, reviewed, revised and executed. If you find yourself on the cusp of marriage without a prenuptial agreement, pick up the phone and call us at 888-501-3292 or send us an e-mail through our contact page for more information.