Celebrity Divorce and Intellectual Property Division
In recent weeks, rumors have been swirling about the divorce of one of rock’s most famous couples. Depending on which gossip column you read, Sharon and Ozzy Osbourne are considering a divorce, are considering a separation, or are planning on staying together. While the gossip changes daily, one thing that will not change in the event they get a divorce is the legal process they have to go through.
Los Angeles High Net Worth Divorce
With many celebrities and wealthy individuals living in the area, Beverly Hills and the surrounding neighborhoods is a place that is not unfamiliar with high profile divorces. The Osbournes share a net worth of approximately 220 million dollars, so any property division resulting from their divorce would clearly be significant. Many individuals in the Beverly Hills area have a large number of assets or accumulated wealth and this often requires the help of an experienced divorce lawyer to make sure that your interests are protected.
Intangible and Intellectual Property in a Divorce
Whether or not his music appeals to you, Ozzy Osbourne has been the creative force behind many songs and other areas of intellectual property. Additionally, his wife has had numerous book deals and TV appearances. If the Osbournes were to get a divorce, there would be significant intellectual property to divide.
California is a community property state which means that all assets that are marital property must be equally divided upon divorce. Marital property can be any type of property acquired during the marriage before separation. Although things like copyrights and royalties are not physical property, they still can be divided after a divorce.
Intellectual property can be marital property, separate property or a mix of the two. A California court case has established that copyrights can be treated as community property in California. Determining what kind of property copyright or royalty is can be a very difficult process. A lawyer who is knowledgeable in high net worth divorce can help navigate some of these difficulties.
Royalties are a source of income that the writer of a song or the author of a book get each time a book is sold or a song is performed. A song may not carry a lot of worth at the time of divorce or separation, but it may increase in value after the divorce. To prevent an ex-spouse from having access to future royalties it may be a good idea to negotiate an agreement on how the royalties from intellectual property will be divided on a future basis.
How Can a High Net Worth Attorney Help?
If you are going through a divorce and have significant assets including royalties from creative works, call Berenji & Associates today for a consultation. High-net worth divorces are complicated especially if they involve intangible assets. You want to make sure the matter is resolved fairly for you and your family. Our Los Angeles divorce lawyers are highly experienced in dealing with high-net-worth divorce matters and divided marital property.