How Are Digital Assets Divided During a Florida Divorce?
But as the world has gone online, there is a full array of valuables you may not have considered. They are digital assets, but they may have a substantial tangible or sentimental value to you.
It is important not to leave digital assets out of your divorce plan.
Over the years, you have you collected pictures of your family vacations online? Do you store them on a cloud or a computer? Does the camera in your smartphone automatically upload to a cloud?
These memories are not replaceable and may hold great value to you.
Besides digital assets with sentimental value, many of your most important financial assets may be online.
- A website – Do you have a business attached to a website that generates traffic and income? A website is the digital equivalent of a business calling card and may represent a substantial online income.
- An Etsy storefront or eBay presence – Some people turn to the web to sell their products. It may be one supported by the platform, but the visitors you have generated over the years represent an asset. You have created a presence and brand that brings value to your bank account.
- Social media accounts – Not just for selfies, your online presence may represent a form of income through your efforts as a social media promoter or influencer.
- Email Accounts – You may have amassed a listing of people interested in you, your work, or your products. You need to stay in touch with them to keep your business healthy. If you use AWeber or Mail Chimp to grow and market your business, that list has value both now and in the future.
- Cryptocurrency – Currency has gone online as well. Bitcoin, Ethereum, and Binance Coins are volatile digital assets that may hold a significant monetary value.
- Investments – Your investments, stocks, bonds, mutual funds, and retirement funds may live online and create an extensive digital asset portfolio that represents value.
- Streaming media – You have paid for a subscription to streaming movie services and paid memberships for some sites such as online gaming. You may have amassed a digital music library, books, and even frequent flyer miles.
It’s easy to overlook the value of these assets to you, but they may represent thousands of dollars of value and are not to be forgotten in your Florida divorce.
A Negotiated Divorce Settlement
To divide property in a Florida divorce, both parties must disclose their assets, and their value needs to be determined. Each individual must create an inventory of the assets accumulated during the marriage.
Digital assets in cryptocurrency are a relatively new topic in the law. Cryptocurrency should be considered a financial asset similar to a stock or mutual fund, especially if they were purchased with joint funds. Since the value of cryptocurrency is subject to wild fluctuations, it may need to be liquidated to determine a fair market value that can be divided.
You will need to determine how much you value each digital asset, now and in the future. The assets will be divided equitably through negotiations between the partners and their legal representatives. In some cases, it may be challenging to split online assets. In other cases, things may be able to be worked out more smoothly. Your experienced family law attorney can help you negotiate the items to be divided after their value is assessed.