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.
...