When you get a divorce, all of the property that you and your spouse share needs to be equitably distributed. That includes intellectual property, even though it may be a bit harder to figure out how much it is worth and who should get what. This is why you should have our experienced Sparta property distribution attorneys on your side. We can help you protect your assets and fight for a fair outcome.
What is Considered Intellectual Property?
Many different types of assets can be considered intellectual property. A software you developed or a new invention you came up with would both be considered intellectual property. Trademarks, copyrights, and trade secrets are IPs as well, and they are particularly valuable to business owners.
These may not be physical objects, but all of these intellectual properties have value. Some are incredibly valuable. That means that they need to be divided up during the divorce process. If you want to keep your fair share of your IPs, our lawyers can help you.
What Determines Whether an IP is Separate or Marital Property?
What really needs to be determined is whether or not an IP is actually a marital property. Marital property is, as its name suggests, the property of a married couple. It is something that both you and your spouse can claim some ownership of, and that means it needs to be divided up during your divorce. If you and your spouse invested in a business together and jointly owned intellectual properties, they are almost certain to be considered marital assets.
A separate property is something that you came into the marriage with. In theory, you should also leave with an IP that was a separate property. However, even this seemingly simple matter can get more complicated. Your spouse’s lawyer could argue that your IP increased in value over the course of your marriage, meaning that your spouse is entitled to some share of its increased value. You need a lawyer on your side who is ready to argue for your ownership of these valuable assets.
How Can Intellectual Property Be Valued?
Intellectual property can be valued in a few different ways:
Market value approach: This method essentially just looks for offers. How much are people willing to spend on this IP? That is how much it is worth.
Cost approach: This calculates how much it cost to develop or acquire the intellectual property.
Income approach: This looks at the future economic benefits that the IP could provide.
Contact Our Law Firm
If you created something unique like a new intellectual property, you have to protect it. Contact Paris P. Eliades Law Firm, LLC and set up a consultation today. We can tell you more about how our attorneys can advocate for you and help you secure a favorable divorce settlement.