Digital assets continue to confound many people as they seek a divorce. Unfortunately, these assets are intricately linked to many people’s lives, containing photos, diaries, financial information, business contacts, and other sensitive information. Finally, people take these assets for granted and do not even consider how they might be treated during a divorce.
What are digital assets?
Digital assets cover a variety of assets including:
- Social media accounts, including, blogs, photo-sharing websites, and traditional social media accounts;
- Accounts that denote “ownership” over an asset such as iTunes, Kindle, and Amazon;
- Income-generating assets such as an Amazon business account, eBay storefronts; and
- A series of miscellaneous assets such as Dropbox, email accounts, digital photos, artwork, bitcoins, domain names, and other assets.
The issue, who owns the assets?
The alternative is that one spouse is given cash or other property as compensation for the loss of the digital assets. However, an alternative property is not a viable solution for digital assets that hold items of intrinsic value, like photos.
Another solution is to share passwords and account access information. But, there are substantial logistical issues. For example, it requires ex-spouses to remain in communication to coordinate access. Furthermore, digital security often requires “two-step” authentication which limits access to these accounts from “unknown” computers. Two-step verification sends a text or email with a code that the user must input to access the account.
Each solution is imperfect therefore planning is crucial to mitigate these issues.Go Back <<