joint ownership of patent

[tropiclc]

Florida

My wife and I jointly own a patent. It has not been assigned or licensed, nor commercially developed. My wife has filed for Chapter 7. It is my understanding that because it is jointly held that the court cannot touch the patent. Is this true?

[Ladynred]

A patent, jointly held or not, IS an asset that your wife has at least a 1/2 interest in. Not sure where you got your info about the joint ownership making it untouchable, but you really should ask the lawyer about it.

[tropiclc]

I found this info since posting original question.

"Unlike joint ownership with rights of survivorship, “tenants by entireties” ownership affords excellent asset protection benefits. Tenants by entirety is a special form of joint tenancy ownership which is available only to married persons under common law. To qualify as tenants by entiretites property, the property in question must have certain characteristics:

joint ownership and control,
identical interest in the property,
the interest must have originated in the same instrument,
the interest must have commenced simultaneously,
the parties must have been married at the time they acquired the property, and
the surviivng spouse will own the property after either spouse dies.

In the case where both spouses are jointly indebted to a particular creditor, that creditor can involuntarily seize tenants by entireties property. Tenants by entireties protection exists only if a creditor has a claim against only one of the spousal owners.

In Florida, unlike most other states, all types of property, including all real property, tangible personal property, and intangible personal property, may be owned by a married couple as tenants by entireties. Whether a married couple owns property as unprotected joint tenants with survivorship or as protected tenants by entireties depends on the intent of the spouses. The Florida Supreme Court has said that any real or personal property owned jointly by a hustand and wife is presumed to be owned as tenants by entireties."

I think this answers my question.

Thanks

[Ladynred]

Yep, I'd say that covers it, and thanks for posting the info