In today’s digital age, the division of assets in divorce extends beyond physical possessions to include virtual property such as digital accounts, cryptocurrency, and intellectual property. Navigating the division of virtual property can present unique challenges and considerations for divorcing couples. However, there are various strategies for addressing these types of assets during divorce proceedings, as outlined below:
Understanding Virtual Property
Virtual property encompasses a wide range of digital assets that hold monetary or sentimental value. These assets can include:
Digital accounts: This includes email accounts, social media profiles, online subscriptions, and cloud storage accounts. While it might sound unusual to some, there are social media influencers who share accounts when they are married, and those accounts have to be divided after a divorce.
Cryptocurrency: Virtual currencies such as Bitcoin, Ethereum, and Litecoin are considered virtual property and may require special attention during divorce proceedings.
Intellectual property: This includes copyrights, trademarks, patents, and any digital assets related to creative works or inventions.
Gaming assets: Virtual items, currency, and accounts associated with online gaming platforms may also be subject to division in divorce.
Strategies For Division
When it comes to dividing virtual property in divorce, there are several strategies that divorcing couples can consider:
Inventory and valuation: The first step is to create an inventory of all virtual assets and their corresponding value. This may require the assistance of appraisers or experts in digital assets to accurately assess their worth. A lawyer can point you in the right direction as to where you should start with this.
Negotiation and settlement: Couples can negotiate the division of virtual property as part of their overall settlement agreement. This may involve trading assets of similar value or agreeing to a lump-sum payment in exchange for relinquishing certain digital assets.
Court intervention: If couples are unable to reach a mutual agreement on the division of virtual property, they may need to seek court intervention. In such cases, a judge will consider various factors, including the value of the assets, each spouse’s contribution to their acquisition, and any existing agreements or contracts related to the virtual property.
Legal documentation: It’s essential to ensure that any agreements or settlements regarding the division of virtual property are properly documented and legally binding. This can help prevent future disputes or challenges regarding ownership rights.
Protecting Your Interests
Working with a divorce lawyer who understands the complexities of virtual property division is crucial for protecting your interests during divorce proceedings. As our friends at the Law Office Of Polly Tatum can explain, your lawyer should have experience assisting clients in navigating the division of virtual property and they should be able to provide personalized guidance and representation tailored to your specific situation.
Whether you’re dealing with digital accounts, cryptocurrency, intellectual property, or other virtual assets, our team can help ensure that your rights are protected and that you receive a fair and equitable division of virtual property. Contact a lawyer today to schedule a consultation and learn more about how they can assist you in navigating the division of virtual property in divorce.
