Over the years, you have done your part to run your business in a forthright manner in hopes of achieving success. Fortunately, your company has garnered a positive reputation, and you have been able to enjoy the lucrative results of that reputation and success. While you and your spouse may have lived a comfortable life for some time here in New York, you may now have concerns about your wealth due to your pending divorce.
No matter the reason for your divorce, you certainly want to handle it as well as possible. Walking away with as many of your assets as possible – particularly those associated with your business – may be a top priority for you. If so, you may want to remember your intangible assets.
What are intangible assets?
In the business world, ideas can be worth millions of dollars in some cases, and you and the team at your company may have come up with numerous ideas that have proved valuable to your business. While you may think that those ideas belong to your company and your company alone, that may not be the case. Intellectual property, including copyrights, patents and trademarks, could all face division during your divorce proceedings.
Your company may also have garnered considerable goodwill over the years, which could include brand reputation and customer loyalty. These factors can also be intangible property because it brings value to your business, even if just in the event of a merger or acquisition. Still, it could affect your property division proceedings.
What are intangible assets worth?
The value of intangible assets is not cut-and-dry. Various factors can play important parts in the valuation process. Still, intangible assets associated with a successful company could have high value, which you undoubtedly want to protect. You and your spouse may both feel the need to have a professional valuation to determine what worth those assets could hold.
Because property division in high-asset divorce cases can become contentious, you may want to prepare ahead of time and determine what you want out of the process. Discussing your goals and wishes with an experienced divorce attorney could help you better understand how your intangible business assets could play a role in your case. Having this assistance may allow you to determine how you could negotiate a favorable outcome and protect your company as well as possible.