7 Facts to Know About Digital Assets and Your Divorce
The past few decades have ushered in an unparalleled number of new assets to consider for divorce and family law. Digital and virtual assets are big business. Many people have a significant amount of their wealth tied up in the digital realm. Unfortunately, digital and virtual assets are often overlooked or go unvalued in divorce. Since so much of our lives are now played out on digital and virtual landscapes, it is important to keep those areas in mind when assessing marital estates.
1. Take digital and virtual assets seriously
Just because they are new to the world of divorce assets doesn't mean intangible assets should be discounted. When dividing a household, it is important to clearly and completely list all things that both parties own. Those in the virtual world can add significant value and could have a real effect on divorce proceedings and the division of the estate.
2. Define digital asset
A digital asset is one that exists in binary form, and not in the corporal world. Included in this group is email and social network accounts; websites; domain names; digital media, such as pictures, music, e-books, movies, and video; blogs; reward points; digital storefronts; artwork and data storage accounts. Although these assets are intangible, they are still marital property and subject to the same treatment as any other property in a divorce.
3. Know where else to look for assets
Virtual assets are intangibles created for use in virtual worlds or large multi-player online games. Millions of users spend billions of dollars in these games. That money translates in to actual dollars in divorce and family law. These assets include a large range of things one could purchase for life in a virtual world, including virtual real estate; virtual currency; virtual pets; avatars; accessories for those avatars; and prizes. These hugely popular games constantly attract more players who spend more of their money on them.
4. Determine who owns the virtual property
Now that you know what digital and virtual assets are, it is time to stack them in piles of his and hers. Because this type of asset is new and attorneys are still figuring out how to divide them, there aren't a lot of laws currently dedicated specifically to intangible assets. However, there is no reason that a digital or virtual asset needs to be characterized differently than a tangible asset.
5. Know what the attorneys look for
If a website was started during the marriage, it is community property. If that website was started before the marriage, but began to make money during it, that income is community property. If the spouse that didn't start the website contributed to it by posting to it, editing it, or improving it in any way, the community estate has a reimbursement claim against the other spouse's separate property estate for increase in value to that website.
6. Determine the value of the virtual property
Different assets are valued in different ways, the same goes for virtual and digital assets in divorce and family law. Many assets in this category, such as photos or videos, are primarily valuable to the parties in a sentimental way, but don't have any market value. Others, such as websites, personal blogs, or domain names can be highly valuable. Just like tangible goods, to find the market value, simply assess what those goods trade for in today's market. A variety of services are available to assist in the valuation of digital assets and can also be used to sell the assets when the time comes.
7. Divide the assets
Intangible assets, such as digital and virtual can be difficult to divide. Some, such as airline miles or membership points, can be transferred. Others, like digital photos or videos can be copied. Unfortunately, some cannot be transferred or copied. When that happens, those assets must be valued and the proper amount awarded to the other party. Still others can be sold and the cash divided between the parties.
The world's usage of digital and virtual assets is only growing. As the way the virtual world changes our idea of property, laws will continue to change to protect that property in divorce and family law.
If you would like to learn more about divorce and family law in the Dallas or Houston area, KoonsFuller could help. Click here for more information! http://www.koonsfuller.com/
Article Source: https://EzineArticles.com/expert/Angela_Landrum/1850931
Article Source: http://EzineArticles.com/8494662
1. Take digital and virtual assets seriously
Just because they are new to the world of divorce assets doesn't mean intangible assets should be discounted. When dividing a household, it is important to clearly and completely list all things that both parties own. Those in the virtual world can add significant value and could have a real effect on divorce proceedings and the division of the estate.
2. Define digital asset
A digital asset is one that exists in binary form, and not in the corporal world. Included in this group is email and social network accounts; websites; domain names; digital media, such as pictures, music, e-books, movies, and video; blogs; reward points; digital storefronts; artwork and data storage accounts. Although these assets are intangible, they are still marital property and subject to the same treatment as any other property in a divorce.
3. Know where else to look for assets
Virtual assets are intangibles created for use in virtual worlds or large multi-player online games. Millions of users spend billions of dollars in these games. That money translates in to actual dollars in divorce and family law. These assets include a large range of things one could purchase for life in a virtual world, including virtual real estate; virtual currency; virtual pets; avatars; accessories for those avatars; and prizes. These hugely popular games constantly attract more players who spend more of their money on them.
4. Determine who owns the virtual property
Now that you know what digital and virtual assets are, it is time to stack them in piles of his and hers. Because this type of asset is new and attorneys are still figuring out how to divide them, there aren't a lot of laws currently dedicated specifically to intangible assets. However, there is no reason that a digital or virtual asset needs to be characterized differently than a tangible asset.
5. Know what the attorneys look for
If a website was started during the marriage, it is community property. If that website was started before the marriage, but began to make money during it, that income is community property. If the spouse that didn't start the website contributed to it by posting to it, editing it, or improving it in any way, the community estate has a reimbursement claim against the other spouse's separate property estate for increase in value to that website.
6. Determine the value of the virtual property
Different assets are valued in different ways, the same goes for virtual and digital assets in divorce and family law. Many assets in this category, such as photos or videos, are primarily valuable to the parties in a sentimental way, but don't have any market value. Others, such as websites, personal blogs, or domain names can be highly valuable. Just like tangible goods, to find the market value, simply assess what those goods trade for in today's market. A variety of services are available to assist in the valuation of digital assets and can also be used to sell the assets when the time comes.
7. Divide the assets
Intangible assets, such as digital and virtual can be difficult to divide. Some, such as airline miles or membership points, can be transferred. Others, like digital photos or videos can be copied. Unfortunately, some cannot be transferred or copied. When that happens, those assets must be valued and the proper amount awarded to the other party. Still others can be sold and the cash divided between the parties.
The world's usage of digital and virtual assets is only growing. As the way the virtual world changes our idea of property, laws will continue to change to protect that property in divorce and family law.
If you would like to learn more about divorce and family law in the Dallas or Houston area, KoonsFuller could help. Click here for more information! http://www.koonsfuller.com/
Article Source: https://EzineArticles.com/expert/Angela_Landrum/1850931
Article Source: http://EzineArticles.com/8494662
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