Today, divorce is about more than just dividing physical property. Digital assets, such as social media accounts, cryptocurrency and online businesses, play a bigger role in divorce settlements than ever before. These assets hold significant value, so it is important to know how to divide them equitably.
Here are some of the most frequently debated digital in divorce and ways to handle them.
Social media accounts
People often overlook social media accounts, but they can be very valuable. These accounts can hold financial worth, sentimental importance or connections to business deals.
In a divorce, you must decide who keeps access and control of each account. If an account ties to a business or generates income, you should determine its value. You and your spouse must also agree on how to manage the accounts, especially if they hold intellectual property or impact business partnerships.
Cryptocurrency
Cryptocurrency is becoming more popular but it can make divorce settlements harder. Since it works outside traditional financial systems, tracking its value can be difficult.
If you or your spouse own cryptocurrency, you both need to identify and disclose all cryptocurrency holdings. Agreeing on their value is essential for a fair division, but doing so may require professional help. Failing to disclose or underreporting crypto holdings can lead to legal issues.
Online businesses
Online businesses such as e-commerce accounts can be difficult to divide. These businesses often generate significant income, but their value may be difficult to determine. When dividing these assets, consider both tangible assets (such as inventory or equipment) and intangible assets (such as intellectual property or customer lists). A professional can help you assess the business’s worth and assist with dividing ownership or profits.
As digital assets become more integrated into daily life, their role in divorce settlements is growing. Addressing property division early in the divorce process can help both parties reach a fair and informed resolution. Consider consulting an attorney to identify, value and divide all digital assets fairly.