Every year your life becomes more and more intertwined with technology. You post fond memories on social media, take digital photos and even invest in digital currency. Unfortunately, this makes things complex when you are going through a divorce.
So, what happens to digital assets during a divorce? First, you have to know what a digital asset is.
Digital assets are anything that only exists in digital form. These include:
- Media, including digital movies, music and television shows
- Streaming accounts
- Photos and videos that exist in digital form
- Online accounts such as websites and online businesses
- Digital documents such as tax returns and contracts
- Cryptocurrency accounts
These are the main digital assets that you may have.
Division of digital assets
The division of digital assets depends on a few factors. These factors are:
- If you can copy the asset
- If the asset is marital or separate property under Georgia law
- Whether it is a cryptocurrency and what exchange it is on
- Who has possession or control of the asset
The State of Georgia divides digital assets the same way it divides most other assets in a divorce.
The resolution of these factors can get extremely complex. For example, in the case of cryptocurrency, the exchange rate fluctuates so rapidly that the asset may be worth considerably more or less when the divorce is final.
If you can copy the asset, no division is necessary. You provide it to both parties. If it is a subscription or streaming service, it generally goes to whoever’s account it is.
You disclose digital assets during the mandatory discovery phase of a divorce. The Georgia courts treat digital assets the same as any other assets when it pertains to divorce proceedings.