Posted on: 12 February 2019
One of the best things about being married is sharing a major interest with your spouse, especially if you're able to make a living from this shared interest. This can often be the case with music—for example, a couple that writes, records, and performs music together can make many happy memories that way. Unfortunately, there's a chance that this union can end in divorce. If it does, there will be some challenges in terms of dividing not only the usual assets and property but also those that are related to music. If this applies to you, here are some things that you'll need to divide fairly.
Over time, a musician couple can amass a large collection of musical equipment. Instruments, microphones, speakers, travel cases, and even smaller accessories such as cables can all have significant value. You don't want to be apathetic to the division of these assets. For example, if you're distraught and don't envision playing music for a while, you might tell your spouse to take everything. However, it's a far better idea to take an inventory of this gear, discuss it with your respective attorneys, and determine a fair way to split it.
If you've been fortunate enough to make money off your music, you may receive royalty checks well into the future. This is another important topic to consider in the case of a divorce, especially if the royalties constitute a significant amount of money. Your respective divorce attorneys can suggest some outcomes that you'll find mutually suitable. For example, if you're on amicable terms, one partner can receive the checks and simply split the money 50/50 with the other person every month.
It's possible that your music has led to you collectively receiving a number of awards over the years. Even local music awards can be prized possessions, and while these items don't necessarily have a financial value, their sentimental value is high. One option is to divide the awards, but there might be one award that is so important, you both want it. Depending on how civil you are with each other, a simple solution is to maintain joint ownership of the award. For example, you keep it for a year, and then your ex-spouse keeps it for a year. Your divorce attorney will talk to you in depth about other assets and property that relate to your passion for music and make some recommendations about how to fairly divide them.
If you need a divorce attorney to help you go through something like this, call a law office like that of Gomez May LLP.Share