Frequently Asked Questions on Intellectual Property and Boca Raton Divorce
Intellectual property is tangible or intangible property that was derived from intellect or work. It can be an invention, an idea, or a process. It can also be an application, registration or right related to this property.
Dividing intellectual property in a Florida divorce can be difficult and complex, which is why you need a Boca Raton divorce attorney to help. Intellectual property comes up in a divorce far more often than many people realize. You have everyone from authors and artists to architects and engineers who may have intellectual property. If any of this was created during the marriage or is held as joint property, it will be necessary to divide its value during divorce.
We get numerous questions in regard to dividing assets, including intellectual property. Here’s a look at some of the most common questions asked.
What Types of Intellectual Property are Subject to Division in a Divorce?
Intellectual property can include copyrights, trademarks, and patents created by either spouse during the course of the marriage. This could be writing a book or a song, patenting an invention, creating a website, etc. While patents require an extensive application and exam process, other types of intellectual property are created by default once the work is created.
If I Created the Intellectual Property, Why Does My Spouse get a Portion of It?
In most cases, any intellectual property that was created once you were married and before the divorce date is subject to division. Value that was created before or after the marriage would likely be separate property, however. Each case is different, and those circumstances will dictate how its handled under Florida law in your particular divorce.
How do You Determine the Value of Intellectual Property?
Determining the value of intellectual property in a divorce typically happens in one of two ways. The first is when you have the property appraised and determine what share your spouse is entitled to. If you go this route, the agreed upon, or court ordered, value will be final. That means that once the amount is determined and the intellectual property separated, it is done.
The alternate method to determine the value of intellectual property is to take a division of future earnings and each spouse gets a certain percentage. As long as there are earnings, each spouse will continue to get a percentage. This method can be more complex, especially since you have to factor into the creator’s ongoing labor and input.
Where do You Find Someone to Value the Intellectual Property?
There are experts that your Boca Raton divorce attorney will retain who can help determine what an accurate value is for your intellectual property. Do not be surprised if your experts and your spouse’s experts come up with different valuation amounts. If you and your spouse cannot agree on an amount, then the court will be left to decide.
Contact a Florida Divorce Attorney
If you are preparing for a divorce in Florida, don’t go at it alone. Contact the Law Offices of Schwartz | White today to schedule an initial consultation. Let one or our skilled Boca Raton divorce attorneys help with this and all of your other family law needs.