Dividing intellectual property after a divorce is complicated. Even though these assets were your idea, any intellectual property you created...
Dividing intellectual property after a divorce is complicated. Even though these assets were your idea, any intellectual property you created while married is typically considered family property and subject to Canada’s equal division rules. However, there may be ways to protect these types of assets. Learn more about the division of intellectual property and potential exemptions to this law from our skilled team of family lawyers.
Intellectual property comes in various forms, from copyrights and patents to trademarks and artistic works. The court may consider factors such as your former partner’s and your creative contributions and what the property is worth before deciding how to divide it. Assigning a value to your ideas may seem vague. However, the value often relates to royalties or licensing, and this income would typically be split fairly between both parties. That is why it is vital to have a professional appraise your intellectual property when you are going through a divorce.
If you owned intellectual property before you said your vows, the asset could be exempt from Canada’s equal division guidelines. Similarly, if the asset was a gift or inheritance, it would remain separate from the marital property, even though it may not have been your original idea. Another way to ensure you retain the value of your intellectual property is with a pre- or post-nuptial agreement that clearly defines whether you or your spouse owns the asset and how you plan to manage the income it generates after a divorce.
During divorce proceedings, it may feel as if everything you own is being split in half. Be careful taking this route with the division of your intellectual property. Dividing ownership of this property could reduce its value, so consider other methods of compensating your former partner, such as a structured settlement or a relinquishment of your rights to other marital property.
Do not try to divide your intellectual property on your own. With help from the experienced family lawyers at The Riley Divorce & Family Law Firm, you may be able to maintain control of your ideas. Contact us now to learn more about Canada’s laws regarding asset division. We are available 24 hours a day to guide you through this often confusing process.
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