Remember when you took a photo of your friend’s baby, then Photoshopped it into an oyster shell for the baby’s six-month photo? You later put it on your Etsy page. Now, people ask you to design it for their babies for a small price. Congratulations, you created a digital asset.
What is a digital asset?
It’s easy to think of your bank accounts, retirement accounts and furniture when dividing your assets during your divorce. Don’t forget about your digital assets. Digital assets are anything of value that are stored online. Digital assets can include:
- Business social media accounts and websites
- Credit card points
- Cryptocurrency accounts (Bitcoin)
- Digital books and music
- Digital photos
- Frequent flyer miles
- Online movie collections
- Online gamer accounts
You can store digital assets in the Cloud or on digital hardware devices, including:
- Mobile phones
- Storage peripherals (USB flash drives, etc.)
Digital assets can have sentimental or monetary value. Determining the value of your digital assets in a divorce can be complicated at best.
Can you and your spouse divide digital assets in a divorce?
During the divorce process, you’ll need to list all of your assets (including digital assets) and debts. Now is the time for both of you to divide everything on paper to the best of your abilities.
Admittedly, it was much easier to divide assets when we had tangible book libraries, vinyl records and photo albums. Remembering who made which iTunes purchases can be difficult years later. In other words, you’ll need to determine who “owns” the music, the e-reader books and more.
During a collaborative divorce, you and your spouse will work with a group of professionals to come to mutually agreeable outcomes. This includes dividing your digital assets.
“Sharing” Digital Assets in a Divorce
Dividing digital assets in a divorce has one terrific advantage. Everything digital can be copied, assuming this does not violate licensing agreements. In many cases, both of you can have the digital libraries, music and family photos you treasure.
Digital Assets and Business Complications
If you and your spouse share a business, finding a way to divide digital assets is even more important. It can be difficult to determine the value of your company’s blog, social media accounts and website. In many cases, both spouses contribute to the ideas and implementation of their company’s online presence.
Digital assets can also include business metadata – inventories, catalogs – any software program that stores your personal or business information. Talk with your attorney to learn more about how to handle the division of your company during your divorce.
Dividing Digital Assets in a Divorce Using the Collaborative Model
Digital assets add one more component to the division process during a divorce. This is one of the many reasons that working with an experienced attorney can give you peace of mind during your divorce. The Arizona collaborative divorce model offers a way to manage your divorce legally, financially and respectfully. Your family-friendly, private divorce can take advantage of communication coaching, neutral financial guidance and legal professionals.
Now, more than ever, you need up-to-date legal counsel, especially when dividing digital assets in a divorce. Contact Best Legal Choices to get started on your collaborative divorce today.