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How Are Copyrights, Patents, and Other Intellectual Property Handled in a Texas Divorce?

Posted on in Complex Divorce

TX divorce lawyerGetting divorced involves much more than deciding to end the marriage. Divorcing couples must also address divorce issues like the division of marital property. Separating “yours” and “mine” during property division is often one of the most complicated aspects of the divorce case. This is especially true when a spouse owns intellectual property.

Intangible Property During Divorce

Certain assets are easy to value and divide in a divorce. However, determining the value and identity of intangible assets such as intellectual property is much more complicated. Whether you are an artist, author, software developer, or business owner, you may have questions about how intellectual property is addressed during a divorce.

Divorcing spouses in Texas have the right to design their own property division arrangement. Doing so may be time-consuming, but for many, this is a favorable alternative to court intervention. For example, one spouse may retain rights to the intellectual property and compensate the other spouse for his or her financial interest in the intellectual property using other assets. Spouses who wish to negotiate their own out-of-court marital property settlement should consult with an attorney who can advise them of their rights and options.

If no settlement can be reached, the case may go to court. Texas courts divide marital property, meaning property acquired during the marriage, according to community property laws. This means that property is divided in a manner that is “just and right” with consideration to the spouses’ circumstances.

Determining the Value of Intellectual Property

Whether the intellectual property is divided by the court or through a settlement agreement, the value of the intellectual property must first be established. Unlike a vehicle or piece of furniture, intellectual property often has an ambiguous value. The value of an idea, invention, or creative work may also increase or decrease over time. An experienced divorce attorney may work with an intellectual property expert who can appraise the value of the property and ensure it is properly addressed during the property division process.

Contact an Austin, Texas Divorce Lawyer

The Austin complex property division attorneys at Powers and Kerr, PLLC understand the challenges associated with intellectual property during divorce. Our team is highly experienced in complex property division matters and high net worth divorce cases. We can advise you of your rights and ensure that those rights are not violated. If possible, we will work to resolve property division and other divorce issues outside of the courtroom. However, if your case advances to trial, we are fully prepared to provide the aggressive, skilled legal representation you need.

Call us at 512-610-6199 today for a confidential consultation.

 

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.7.htm 

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