7 Facts to Know About Digital Assets and Your Divorce
Over the past few decades, an unprecedented number of new assets have emerged that need to be taken into account in divorce and family law. Digital and virtual assets are big business. Many people have a significant portion of their assets in the digital world. Unfortunately, digital and virtual assets are often overlooked or ignored in divorce. Since much of our life now takes place in a digital and virtual landscape, it is important to remember these areas when assessing family property.
- Take digital and virtual assets seriously
The fact that they are new to the world of divorce assets does not mean that intangible assets need to be reduced. When dividing a family, it is important to make a clear and complete list of all that both parties have. Those who are in the virtual world can bring significant added value and have a real impact on divorce processes and property division.
- Identify digital assets
A digital asset is an asset that exists in binary form, not in the physical world. This group includes email and social media accounts; Websites Domain names Digital media such as images, music, e-books, movies and videos; Blogs Bonus points; Digital display cases illustrations and storage accounts. Although these assets are intangible, they remain family assets and are treated in the same way as any other property in the event of divorce.
- Know where to look for assets.
Virtual assets are intangible assets created for use in virtual worlds or large multiplayer online games. Millions of users spend billions of dollars on these games. This money turns into real dollars in divorce and family law. These assets include a variety of things you could buy for living in a virtual world, including virtual real estate; Virtual currency Virtual animals Avatars Accessories for these avatars; And prices. These extremely popular games constantly attract more and more players who spend more money on them.
- Determine who owns virtual property.
Now that you know what digital and virtual assets are, it’s time to combine them into him and hers. Since these types of assets are new and lawyers still do not know how to distribute them, there are currently not many laws specifically aimed at intangible assets. However, there is no reason why a digital or virtual asset should be characterized differently than a tangible asset.
Know what lawyers are looking for
If the site was created during the marriage, it is common property. If this site was launched before the wedding but started making money during the wedding, this income is in the public domain. If a spouse who has not run a website has contributed to it by posting, altering or improving in any way, the estate community will have to sue the individual property of the other spouse to increase the value of the site.
- Determine the value of virtual property.
Different assets are valued differently, as are virtual and digital assets in divorce and family law. Many assets in this category, such as photos or videos, are especially valuable for parties, but have no market value. Others, such as websites, personal blogs, or domain names, can be very valuable. To find market value, as well as tangible goods, you just need to estimate why these products are sold in the current market. Various services are available to help you assess digital assets, and they can be used to sell assets when the time comes.
Intangible assets, such as digital and virtual assets, can be difficult to distribute. Some, such as airline miles or membership points, can be transferred. Others, such as digital photos or videos, can be copied. Unfortunately, some cannot be transmitted or copied. When this happens, these assets must be valued and the corresponding amount transferred to the other party. Still others can be sold and the money is divided between the parties.