What Happens to Digital Assets During an Illinois Divorce? 

 Posted on January 12, 2022 in Divorce

Every day, there seems to be a new kind of digital asset making the news. Cryptocurrencies like Bitcoin and non-fungible tokens are just two examples of digital financial assets that we commonly associate with money. But other digital assets must be divided as well - personal photos and videos that exist on each spouse’s phone, streaming accounts, and even purchased media like downloaded videos all need to be dealt with. During the Illinois divorce process, all marital assets must be divided fairly - even the ones that only exist on the internet. If you are getting divorced and wondering what will happen to your digital assets, read on.

Pictures, Videos, Movies, and Streaming Services

Couples can spend thousands of dollars on downloaded videos, games, and other online entertainment over the course of a marriage. If a couple has amassed a valuable digital library of content, this will need to be divided in the divorce decree. Because online content is usually associated with a specific account and these accounts must only be owned by one partner after the divorce, spouses will need to agree about how to split them.

Personal pictures and videos are easy to transfer, but they also need to be addressed in the divorce decree. Otherwise, years of precious moments with children, pets, and extended family can be lost to a spouse forever.

Digital Currency

Just like any other kind of marital asset, digital currency must be divided fairly in an Illinois divorce. Even if the cryptocurrency was bought by one spouse before the marriage, any growth in the value of the cryptocurrency during the marriage may still be considered a marital asset.

Spouses may want to liquidate and then split the value of their cryptocurrency, or they may choose to buy each other out in exchange for other marital property. However, this can be complex because the price of cryptocurrency is volatile and tends to change rather quickly. Spouses may want to agree to re-evaluate the worth of digital currency before the divorce is finalized to avoid an unfair outcome.

Meet with a DuPage County Divorce Lawyer

If you are getting divorced and want to protect your fair share of marital assets, consider getting the help of a Lombard, IL asset division attorney with A. Traub & Associates. Our experienced lawyers will work with you to help you move past your divorce quickly and permanently. Call us today to schedule an initial consultation at 630-426-0196.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000