Going through a divorce in Washington can be difficult. Aside from the emotional turmoil, you must also confront asset division. This process can be complicated, especially if you own intellectual property (IP).
If you are an IP owner, understanding the state’s statutes surrounding marital assets may help you determine if you have grounds to retain sole ownership over your property.
Washington’s statutes regarding asset division
In Washington, courts follow the community property principle. This means that all assets acquired during a marriage are generally considered to be under the joint ownership of both spouses. Upon divorce, these marital properties will be subject to a fair and equitable division. To reach a decision, judges will consider factors such as:
- The date the IP was created
- The professional contributions of both parties
- The IP’s revenue potential
Despite the intangible nature of IP, it is still an asset that the courts can classify and divide. If you created an IP before marriage, judges may potentially treat it as separate property. However, your spouse may contest that they contributed to the creation of the IP during the marriage. In that case, the court will review the evidence and could grant you full, partial or no ownership of the IP.
What you can do to protect your IP in a divorce
Many IP creators in Washington prepare prenuptial and postnuptial agreements to protect their assets. These legally binding documents can help you define the management of your IP in a divorce.
Although taking this step may grant you security, it may be wise to seek legal counsel from a divorce attorney before proceeding. With their experience, they can clarify processes for securing your ownership rights over your IP.
