The division of assets is often one of the most complex and time-consuming aspects of ending a marriage. The more diverse your assets are, the more complicated you can expect this entire process to be. As the Internet has completely changed how we interact with the world, it has also changed how we gather and maintain assets. As a result, you may need to consider the future of your digital assets as you prepare for divorce.
If you’re looking for aggressive representation for your Mobile, AL divorce, you need the team at Coumanis & York. Call us at 251-336-3121 or 251-336-3491 to set up a consultation with our team now.
Types of Digital Assets
Our financial and personal matters are often tied up in our digital presence. Digital assets include many different types of items and subscriptions. They may include the devices we use to access the Internet, including smartphones, home security and connectivity devices, computers, and tablets. They also include assets that are a bit harder to evaluate, such as online accounts, social media, virtual currency, and media. We break them down a bit more below:
- Tangible assets: Computers, smartphones, tablets, and USB drives are an integral part of your digital assets. While technology tends to depreciate over time, that isn’t necessarily the case with USB drives and other forms of storage for documents and family memories. In these cases, they may have significant sentimental value.
- Digital accounts: While most couples maintain separate email accounts and social media profiles, some combine their Internet presence into one profile. When this happens, you have to split the accounts at the time of your divorce. This is generally pretty easy, as the value of these accounts is usually low. But if you have any sort of online presence—perhaps as an influencer family, couple comedy account, or family vlogger—those accounts have financial value. In these situations, the division is much harder.
- Digital media: Books, photos, videos, music, and other types of media are often split up in divorce. While this may seem like a minor part of your divorce, this type of media can easily add up to thousands of dollars over time.
- Virtual currency: Cryptocurrency, NFTs, and other digital investments can be worth a substantial sum of money. They must be included in your list of assets during a divorce.
Ownership of Assets and Access to Assets
Determining who maintains ownership and access to digital assets can be a challenging aspect of divorce. The intangible nature of these assets makes dividing them a complicated task. If the assets were purchased or accumulated during the marriage, they are likely considered marital property and must be divided accordingly.
When a couple has assets with financial value, such as social media accounts that bring in income, virtual currency, and limited-edition digital media, this may affect how other assets are divided. When this involves assets with minimal or no financial value, it often comes down to what both parties are willing to give up in order to save time.
Proper Valuation and Division of Assets
Perhaps one of the most challenging aspects in these situations is the valuation of digital assets. Physical, tangible assets are relatively easy to evaluate. In comparison, digital assets tend to fluctuate quite a bit in value, depending on whom you talk to and when you get an estimate.
Even more complicated are digital assets that bring in income. Social media accounts, family blogs, and other assets that serve as a source of income for the family must be properly assessed by an expert in this field. It’s also important to consider the future value of the accounts. For example, if a couple has a couple comedy account that brings in money each month, the account may be worth far less after the divorce. The loss of the couple behind the page may cause the asset to lose some or all of its value.
Stuck in a Complex Divorce? Contact Coumanis & York
Divorce is never easy, but when you have the team at Coumanis & York behind you, you can limit your stress and anxiety during this challenging time. Set up your free consultation now by calling our Daphne office at 251-336-3121, calling our Mobile office at 251-336-3491, or sending us a message online.