Intellectual Property and Divorce

 Posted on December 00,0000 in Divorce

For entrepreneurial and inventive spouses considerations for divorce do not conclude with decisions regarding income to be calculated for child support or who inherits a spouse’s business debt. An often neglected, but uniformly important consideration is the topic of intellectual property

How is Intellectual Property Treated in Divorce

Intellectual Property is also called IP for short. It refers to the litany of legal rights that attach to an expressed idea. Put another way intellectual property is the legal defense of your mental work. Intellectual property can include copyrights, trademarks, or trade secrets.

When intellectual property becomes contentious, it usually rises from disagreements in valuation. Intellectual property is generally valued using the same determinations used to value real property. It is a complicated matter because of how IP is viewed legally. Intellectual property is viewed as unique and as such is appraised according to future market conditions.

Another common point of contention is allocating funds to the non-creating spouse. The non-creating spouse may be entitled to some value of the intellectual property in question. Often times the intellectual property is appraised discounting the value of the intellectual property to address market volatility. A skilled DuPage County divorce lawyer can help you understand these steps and advise you on how best to protect your interest.

Protecting Your Intellectual Property in Divorce

Illinois courts have the authority to prevent spouses from destroying property when they are in the process of getting a divorce. The same applies to intellectual property, for example, a court can order a spouse not to use their soon-to-be-ex spouse's intellectual property in direct business competition or prevent a spouse from selling the intellectual property.

You may request a restraining order if you suspect that your soon-to-be ex-spouse may have intentions on selling or otherwise using your intellectual property in a manner adverse to you. The best way to protect yourself and your intellectual property is to enlist the help of a skilled and knowledgeable DuPage County divorce lawyer.

DuPage County Divorce Lawyers

The earlier you engage the help of a DuPage County divorce attorney the better off you will be protecting your assets. Our relentless staff at the Law Offices of Matthew M. Williams have the experience, insight, and proven record to defend your rights and pursue your interest in a divorce. Contact our Wheaton office at 630-409-8184 to schedule your consultation today.

Source:

http://lawyers.findlaw.com/lawyer/practicestate/intellectual-property-law/illinois