During a Miami divorce, it is normal to expect tangible assets like your home, vehicles and bank accounts to be split. But what about intangible intellectual property? Are they subject to division in Miami? The answers to these questions often depend on when and how the intellectual property was created or acquired. Here is what you need to know to protect your rights.
When does the court divide intellectual property?
Florida courts often use similar procedures to classify both tangible and intangible assets. For intellectual property to be divisible, it must fall under the category of marital property. Accordingly, it may be classified as marital property if:
- You acquired it during the marriage.
- You obtained it before the marriage but increased its value using marital funds.
- You gifted it to your spouse during the marriage.
In these cases, courts may order allocation of the marital value associated with future royalty income and revenue.
When can you not divide it?
Not all intellectual property is subject to equitable distribution. The court may exclude those that are:
- Mentioned in a valid prenuptial or postnuptial agreement as separate property
- Acquired through a personal gift or inheritance
- Obtained before the marriage, provided marital funds were not used to increase their value later
In any case, the assets or intellectual property will be distributed under Florida’s equitable distribution principles.
How can an attorney help?
While you can clearly split tangible property like bank accounts or real estate, intellectual property could pose a challenge due to its complexity. An attorney experienced in family law can advise you on which of your assets qualify for division and determine whether the intellectual property or its marital value may be subject to equitable distribution.