Intellectual Property in Colorado Divorces: What You Need to Know
Intellectual property (IP) refers to creations of the mind, including inventions, literary, and artistic works (paintings), designs, and symbols. These creations are protected by law through patents, copyrights, trademarks, and trade secretes, granting the creators exclusive property rights to benefit from their work for a specified period.
Understanding Intellectual Property
Consider the iconic Micky Mouse. For decades, the Walt Disney Corporation maintained a patent for the image of Micky Mouse. Only Disney or those with their permission could use this image for profit. This provided a value for the image or use of Micky. When this patent expired and the image of Micky Mouse was no longer protected, it allows a broader use without Disney’s authorization.
Intellectual Property in Colorado Divorces
When considering intellectual property in a Colorado divorce, two key questions arise:
1. Is there a property Interest? In Colorado divorce law, a property interest is broadly defined as anything of value. An exception, as it relates to intellectual property, would be property interests that are speculative or reliant on the happening of an event that may or may not occur in the future. If the creation is in its infancy or still conceptual, it would most likely not be considered a property interest in a divorce.
2. How is it valued and divided? If the intellectual property is deemed a property interest, then it must be valued and allocated between spouses equitably. Colorado is an equitable division state, meaning that property is divided in a manner that is fair and just, not necessarily equally.
Examples of Intellectual Property in Divorces
Royalties. If you or your spouse published a book during the marriage, ongoing royalties would be considered intellectual property subject to division.
Patents. If either spouse developed a unique product with an issued patent, the patent’s value could be divisible in a divorce.
Protecting Your Intellectual Property
When seeking copyright, patent, trademark, or trade secret, we recommend working with an experienced IP attorney and consulting with a family law attorney to determine the impact such action may have on a divorce. By taking these steps, you can better protect your creative works and understand their potential implications in various life scenarios.
Remember, the intersection of intellectual property and divorce law can be complex. Always consult with qualified legal professionals for advice tailored to your specific situation.
