In today’s digital age, divorcing couples may face a new challenge: dividing digital assets. From cryptocurrency to online businesses, these intangible assets could be just as valuable as physical property. Understanding how to handle digital assets is crucial if you are going through a divorce.
What counts as digital assets?
Digital assets that could be subject to property division may include:
• Cryptocurrencies, including Bitcoin, Ethereum, Stablecoins and security tokens, among many others
• Online businesses or websites
• Online gaming accounts and in-game purchases
• Digital art or NFTs (Non-Fungible Tokens)
These assets may have significant monetary or sentimental value. These make them important considerations in divorce proceedings.
How do you approach digital asset division?
When it comes to dividing digital assets, you may want to consider these steps:
- Inventory: You and your spouse may want to create a comprehensive list of all digital assets you and your spouse own.
- Valuation: Determine the value of each asset. This may be challenging for volatile assets such as cryptocurrencies.
- Ownership determination: Establish who legally owns each asset. Some may count as marital property, while others might be separate. Consulting with an attorney could help clarify this area.
- Division agreement: It may be best to work with your spouse and legal representatives to agree on a fair division of these assets.
- Transfer process: Once you agree on who gets what, you may transfer ownership or access to certain accounts.
Laws regarding digital asset division in divorce are still evolving. Consider seeking legal advice. An attorney could help you understand the latest regulations on digital asset division in your jurisdiction.
Digital assets add a new layer of complexity to divorce proceedings. Understanding what counts as a digital asset and how to approach their division may help ensure a fairer and more comprehensive settlement. You may not want to neglect these intangible but potentially valuable assets in your divorce negotiations.