When you get married, you likely do not expect to split your shared digital music and photo collections. Still, in today’s divorces, these digital assets are becoming more important. Knowing how to identify, value and divide them is essential for a fair divorce settlement.
Splitting digital assets can be tricky
In New York, the law considers digital assets gained during a marriage as marital property. Courts divide them fairly in the event of a divorce. These can include:
- Social media accounts with significant followers or influence
- Domain names and websites
- Cryptocurrency
- Digital art, music or other creative works
- Online businesses or e-commerce platforms
- Email lists or subscriber databases
- Digital storage devices
- Online gaming accounts or virtual assets
Identifying and disclosing all relevant items can be challenging. This is because some digital assets may be easily hidden or overlooked. Both parties must be transparent about their digital holdings to ensure a fair division.
After identifying the assets, the next step is to determine their value. This might require hiring experts like cryptocurrency specialists or digital business appraisers. Courts may look at the asset’s market value, potential earnings and any related costs or debts.
Digital assets can hold both personal and business value. In such cases, the court must decide how to fairly compensate the non-owning spouse while respecting terms of service and intellectual property rights.
Dividing digital assets can quickly become complicated. For instance, transferring cryptocurrency could affect your taxes, and splitting a shared cloud storage account might lead to privacy issues. These complexities highlight the need for professional legal guidance.
Obtaining legal guidance is key
The process of dividing digital assets often demands attention to detail and legal experience. When resolving divorce matters, make sure to work with a skilled New York attorney. Your lawyer can provide you up-to-date guidance and help you achieve the most effective outcome in your divorce proceedings.