While most wedding trends include things like hairstyles, locations, and colors, a new and different sort of trend has entered the scene recently. It is known as the prenuptial agreement. Of course, they have always offered potential benefits to marrying couples; they just have not ever been all that popular. Instead, they were considered one of the least romantic ways to tie the knot. Now they are the norm. What has changed? The following explains.
Difficult to Value Property
Traditionally, prenuptial agreements covered straightforward assets – or assets that are easy to value: homes, cars, incomes, collections, and family heirlooms. More recently though, they have been extended to include concepts and ideas, such as copyrights, trademarks, and software applications. These types of assets are known as intellectual property, and they can be difficult to value in divorce. Using a prenuptial agreement prior to the marriage can clarify who owns the intellectual property, and it can set parameters on what the joint or non-owning spouse may be entitled to there are ever any proceeds from the asset. At the very least, it can keep a non-owning spouse from selling an idea that does not belong to them during the divorce process.