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Intellectual property and prenuptial agreements
Intellectual property is a term referring to products, ideas, artistic works, trade secrets trademarks, logos, etc. that are the product of one’s intellect or creation. This also covers music, literature, photography, discoveries, inventions, and even phrases and symbols.
Intellectual Property as an Asset
Intellectual property is a very serious asset for someone to hold and should be protected just as you would any other valuable asset such as real property or money. Intellectual property is something that can be utilized for ongoing revenue such as an invention that may be sold or licensed, a publication such as a book or poem, a photograph (think paparazzi). If it isn’t protected, then someone else may gain access to the rights to utilize it and sell it, exploit it, or otherwise make it less valuable. Companies all over the world hire attorneys, file suits, and keep their intellectual property highly guarded because they understand the importance of protecting it.
Intellectual property may be what sets apart your company’s brand and brings in a certain market that increases sales etc. If another company uses your IP it could seriously affect the profit margin of your business.
How do Prenuptial agreements come in?
In many states, any assets that are acquired during a marriage are considered “marital property” or “community property.” This means that both parties have equal rights to the assets should the marriage end in divorce. Since intellectual property can be considered an asset, there may be a case where one partner claims that they have equal rights to some form of intellectual property. This can include things such as trade secrets, inventions, written works, and more.
It is very important to consider this before marriage, especially if you are in a position where you are sure that you will be creating some form of intellectual property during the marriage. Authors, artists, inventors, business owners are all examples of someone who may want to consider protecting future intellectual property with a prenuptial agreement prior to entering into a marriage.
If it is outlined in a prenuptial agreement that intellectual property is to be considered separate property and not marital or community property and it and all of its proceeds are kept separately from the marital estate, then in the case of a divorce it will be better protected.
Contact an Experienced Tempe Prenuptial Attorney | Ronald L. Kossack
Contact an attorney to write a prenuptial agreement that will protect your interests and your future should your marriage end as fifty percent do – in divorce. The experienced Tempe family lawyers at the Law offices of Ronald L. Kossack are here to give you the security to know that your intellectual property is protected. Contact us online or by calling 480-345-2652.