A divorce is a messy event in your life that gets more complicated depending on what property you have to divide. As an equitable division state, Florida courts look to divide property as fairly as possible given the various factors in your marriage.
This means dividing your tangible marital assets like the family home or car. It also means dividing intangible marital assets like those creative projects acquired or created during the marriage.
Intellectual property valuation
Intellectual property refers to any artistic expression, invention or patent on an idea. These include novels and their characters, rights to a composition or the potential value of brands and logos. Many of these assets tend to come up in business law, but you have the ability to create your own IP as well. The World Intellectual Property Organization highlights three methods of evaluating an IP’s value in the first place:
- The income method where evaluators compare an IP’s history of value generation
- The market method where evaluators compare the price paid for a similar IP asset in similar circumstances
- The cost method where evaluators compare the creation costs for a similar IP asset
Intellectual property division
Once the courts and evaluators determine the value of your IP, its division may seem similar to most marital property. You may receive the full value and control of the IP where your spouse receives a fair amount of marital property. As an intangible asset, there are other methods of division. This may include splitting the rights down the middle or in more equitable percentages.
If you face a divorce with complex property division issues, you may have questions and concerns. There are resources available to you to help clear up any confusion.