Division of Intellectual Property Rights in Divorce
Most divorces focus on the division of property, cash, retirement plans and possible high value asset items, but these are all tangible assets.
There is also the issue of intangible assets like intellectual property rights. In some situations, the intangible assets may be of the greatest value and should not be overlooked.
The recent case with Michael Douglas and his ex wide Diandra Douglas demonstrates the importance of the division of intellectual property - especially if your spouse is involved in the film, music or entertainment industry.
Celebrity cases often deal with intellectual property and how to value it, and this is where the proceeding can become highly contentious and lengthy. But you don't have to be a celebrity to have intellectual property rights a consideration in your divorce - ordinary people working in the music, writing, or other industries are also affected and these issues need to be dealt with in the divorce settlement.
In the case of Michael Douglas and Diandra, the divorce suit has been reignited 14 years later, with her claiming that she is entitles to half of Michaels, Wall Street: Money Never Sleeps earnings that was released in 2010.
Her reasoning is that their initial divorce settlement included an agreement whereby Michael agreed to pay her half of the earnings from his acting that accrued while they were married, including any residual payments, merchandising and ancillary rights
Furthermore, their divorce agreement also contained wording to the effect that Diandra was entitled to any additional earning from any future "spinoffs". Diandra argues that the new Money Never Sleeps film is about a character that was created in the original movie, thereby giving her access to half of the earning from the new movie.
The big question now is whether the new movie is in fact a "spinoff" or a "sequel" If it is indeed a spinoff; she gets half of the money. However if it is determined to be a sequel, Diandra gets nothing and Money gets to sleep.