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Divorce Distribution Of Creative Assets
While it may be relatively clear-cut to determine the value of real property, financial accounts and even a professional practice when a Creative Spouse and his or her Supporting Spouse divorce, the question may arise as to how to distribute the value of the intellectual property or “celebrity status” the Creative Spouse created during the marriage. Some Creative Assets may already have a market-defined value at the time of commencement, while some may only have an expectancy of value. This article considers what rights, if any, a Supporting Spouse may have in the value of a Creative Asset.
Distributing the Value of a
Creative Asset When There Is An Income Stream
First, consider how to distribute the value of a Creative Asset that is already generating income and has a market-defined value at the time of divorce. In this scenario, the Creative Spouse is generally receiving income pursuant to an agreement with a third party (the “Income Generating Agreement”). An Income Generating Agreement can be structured in many different ways ' for example, as a licensing agreement or a joint-venture agreement ' but essentially the Creative Spouse has sold, licensed or assigned all or part of his or her interest in the Creative Asset to a third party. These agreements present a reasonably clear solution because the asset has a readily identifiable value that the couple can divide. Each spouse can receive a share of the future income stream from the Income Generating Agreement.
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