Most Texas residents are aware that a prenutptial agreement can serve to protect their assets during a divorce. However, few are aware of the full scope of that protection. Specifically, a prenup can protect assets that are brought into a marriage, and it can protect the ideas of one party. That can be very important during a military divorce.
Intellectual property is a term used to encompass an individual’s creative efforts. It is the property that results from ideas, such as music, poetry, or pieces of art. Intellectual property also includes ideas relate to technology, such as apps and software. In today’s technological world, those ideas have concrete value.
By including tech ideas in a prenup, a person who enters into a marriage can do so with the peace of mind that comes with knowing that his or her work will be protected. An agreement can be structured to state that any assets that result from the intellectual property of either spouse will remain the sole property of that individual and will not be subject to division in the event of a divorce. Young people today appreciate the value of ideas, and many will find such an agreement to be completely fair.
When preparing to marry, most Texas residents are in a frame of mind to make decisions that are fair and balanced. That is not always the case once a marriage has failed and a military divorce is underway. By negotiating intellectual property as part of a prenuptial agreement, a couple can move forward with a marital contract that protects both parties equally.
Source: bloomberg.com, “Prenups for Ideas Are All the Rage With Millennials“, Polly Mosendz, Accessed on Nov. 17, 2016