One of the most stressful aspects of a divorce in Illinois is determining how to divide assets. This is especially true if the two individuals cannot see eye to eye when it comes to the division of marital property. One type of asset that is often neglected is the intellectual property, or IP, asset.
It is critical at the beginning of the divorce process to consider all marital assets, which include IP assets. After all, these assets may be necessary to support one's future investment and financial growth following divorce. IP assets in particular may also help with generating income.
A wide range of IP assets may exist in a marriage, ranging from trade secrets and copyrights to software and trademarks. Other types of IP assets include patents. These assets can be hard to value, but an industry expert can help to appraise them appropriately during the divorce proceeding. Identifying and valuing IP assets is particularly critical if one of the spouses going through divorce is the founder of a high-tech company.
If two individuals in Illinois are able to find some common ground when dealing with the division of marital property, they may be able to take advantage of a collaborative divorce or mediation, which may lead to a settlement of which both parties approve. These are alternatives to divorce litigation, which can be costlier and more stressful. With proper legal guidance during the mediation or negotiation process, people may feel more in control of the divorce process and more confident about advocating for themselves. This, in turn, may help them devise transition plans for the next chapters of their lives.
Source: bizjournals.com, "How to determine the value of intellectual property in divorce cases", Efrat Kasznik, May 23, 2016