How Digital Assets Get Divided In A Virginia Divorce
Dividing marital assets during a Virginia divorce is always challenging. In today’s increasingly digital world, couples must also address who gets digital property.
From cryptocurrency and online businesses to streaming accounts and cloud storage, digital assets are common and can have significant financial and emotional value. Our Virginia divorce lawyer explains how these assets are divided between divorcing couples and key factors that could impact your rights in a settlement.
Common Types of Digital Assets in a Virginia Divorce
Digital assets are increasingly popular among residents of Virginia. While some may seem minor and not necessarily worth fighting for in Loudon County divorce proceedings, others may be worth thousands of dollars or hold significant personal value.
All digital assets need to be included when negotiating property division and any marital settlements. Among the most common types of digital assets in a Virginia divorce include:
- Bitcoin, Ethereum, non-fungible tokens (NFTs), and other kinds of cryptocurrencies;
- Websites, domain names, e-commerce stores, monetized YouTube channels, and other digital businesses;
- Funds stored in PayPal, Venmo, Cash App, or other digital accounts;
- Family photos, videos, and important documents stored in Google Drive, iCloud, or Dropbox;
- Social media accounts and digital rewards, such as frequent flyer miles and credit card points.
It is easy to overlook digital assets when negotiating a divorce settlement, but doing so could cost you significant amounts of money and increase the likelihood of future disputes.
Factors That Impact Your Rights To Digital Assets Virginia Divorce Proceedings
Under the Virginia Code, anything earned, acquired, or accumulated during your marriage must be divided in an equitable manner in Virginia divorce proceedings. This includes homes, cars, personal belongings, money in bank accounts, and pension benefits. It also includes all digital assets.
Digital assets are divided fairly, but not necessarily equally. The following are four factors that could impact your rights to digital assets in Virginia divorce proceedings:
- Whether digital assets can be considered marital property: Even if digital assets were acquired prior to your marriage, they can be subject to equitable division if your spouse contributed to them in any way.
- Determining the value of digital assets: In order to get your fair share of cryptocurrencies, online businesses, and other digital assets, you may need to get a professional valuation.
- Negotiating trade-offs of digital assets: One spouse may be able to keep certain digital assets in exchange for other marital property, such as real estate or retirement benefits.
- Whether you can transfer ownership: Some digital assets, such as streaming subscriptions or social media accounts, may be non-transferable, requiring alternative arrangements.
Get Trusted Legal Guidance From Our Virginia Divorce Lawyer
Digital assets are increasingly common and can become an issue in Virginia divorce cases. Get the trusted legal guidance you need in identifying, valuing, and dividing these assets from Schwartz Kalina, PLLC.
We understand the evolving nature of digital property and fight to protect your rights to these and other assets. Call or contact us online today to schedule a consultation with our Virginia divorce lawyer.
Sources:
law.lis.virginia.gov/vacode/title20/chapter6/section20-107.3/
irs.gov/filing/digital-assets#:~:text=You%20may%20have%20to%20report,from%20digital%20assets%20is%20taxable
