In today’s ever-progressing technological world, those who have the skill and ability to create an app or a new form of technology possess the ability to skyrocket financially. With new technological inventions and advances comes money – lots of money.
Dividing Property in a Divorce Case
Money is the root of most issues when it comes to dividing property in a divorce case. Whoever has the most money should ideally get less physical property. However, that is not always the case. The Court looks to a variety of factors in determining asset division during a divorce.
Ex-Wife Did Not Receive Anything From Ex-Husband’s Multimillion Dollar Sale of App to an International Corporation During the Marriage
In a recent Northern Virginia case, a husband sold an app he developed to Conde Nast for over $12 million. The Court held that the sale of this app was considered deferred compensation and was thus not a marital asset.
The husband would be paid a certain amount each year on the anniversary of his initial sale of the app. The deferred compensation plan was based on work performed and would be paid in the future. Therefore, The ex-wife did not receive any of the money from the app sale in their divorce.
The attorneys at Smith Strong, PLC have much experience in property and asset division during a divorce. They can help guide you throughout the process while providing realistic goals of what to expect.