January 4, 2024Share
Intangible Assets: What They Are and How to Protect Them in Your Divorce
As family law attorneys practicing in Florida, we often work with clients who are going through a divorce and are dealing with the division of assets. While most people are familiar with the division of tangible assets like property and vehicles, many people are either unaware or overlook intangible assets that exist, or they misunderstand their importance.
Intangible assets are assets that lack physical substance but still have value. These assets can include things like patents, copyrights, trademarks, and goodwill. In many cases, intangible assets can be worth more than tangible assets, especially in situations where a business is involved.
In Florida, marital assets, both tangible and intangible, are subject to equitable distribution in a divorce. Equitable distribution means that assets are divided fairly, but not necessarily equally, between the divorcing parties.
In situations where intangible assets are involved–such as a business or an intellectual property asset–determining the fair distribution of these assets can be complex. Valuing intangible assets can require specialized expertise and may require the services of a financial expert or appraiser.
It’s crucial for individuals going through a divorce in Florida to work with an experienced family law attorney who can help them understand the complexities of intangible assets and their impact on the division of marital assets in a divorce. We work with our clients to identify and value intangible assets and can guide them through the process of dividing these assets in a fair and equitable manner. When appropriate, we take a multidisciplinary approach to our cases, involving the attorneys in our firm’s Estate Planning, Business and Commercial Transactions, Complex Commercial Litigation, Real Estate, and other related divisions.
If you’re going through a divorce in Florida and have questions about intangible assets, it’s important to work with an attorney who has experience handling complex asset division cases. We can help you understand your rights and options and help ensure that your assets–both tangible and intangible–are divided fairly and equitably. Don’t overlook the importance of intangible assets.
DISCLAIMER: This article is provided as a courtesy and is intended for the general information of the matters discussed above and should not be relied upon as legal advice. Neither Kelley Kronenberg, nor its individual attorneys or staff, are responsible for errors, omissions and/or typographical errors – always seek competent legal counsel.