When you and your spouse come together in an understanding that your relationship is not working out, there is a lot to discuss. You both have put in months, years or even decades into a life together and it is important to come away satisfied with whatever property division agreement you come to.
Talking about the value of a home or a car is one thing, but how do you quantify created works of art and other instances of intellectual property?
Exclusivity and control
As the World Intellectual Property Organization describes, a major point of value with IP is its exclusivity of ownership. When you control an IP, whether it is a painting, novel rights or business logos, you decide who can and cannot use it.
Sharing and parting with what you built
You both want to come away from this relationship as fairly as possible. In an uncontested divorce, the ideal scenario is one where Ohio courts do not get involved in evaluating and separating your property along its own interpretation of an equitable distribution.
Communication is vital at this juncture and there are resources like accountants and evaluators who can look at IP to estimate its current and potential value. Once you both establish an IP’s value, you can compare it to the rest of your property and divide it in a way that satisfies you both.
With the right information and planning, you and your spouse may be able to part ways quickly, more affordably and without a stranger deciding what goes where.
