The digital world has brought with it many comforts! Now, you can access absolutely anything you want from the tip of your fingers. Curated content is delivered right to your home screen, and even financial investments are now heavily digitized. However, what this push towards digitization often forgets is its larger ramifications and side-effects. For instance, who owns digital media? The creator or the individual who purchased it? These are concerns that pester many individuals – from modern thinkers to media ownership activists.
At Karp & Iancu, S.C. in Milwaukee, ownership of digital assets meets a new concern! As Divorce Lawyers, these experts must consider their clients’ wishes and negotiate for ownership over certain assets. Today, they must also build a compelling case over ownership of digital assets! From cryptocurrencies to streaming media accounts, these assets are not only valuable but also challenging to quantify and divide. Here are the challenges in focus…
Cryptocurrency
Cryptocurrencies like Bitcoin and Ethereum have surged in popularity and value, presenting unique challenges in divorce cases. Unlike traditional assets, cryptocurrencies are highly volatile and can fluctuate significantly in value within short periods.
Expert divorce lawyers use forensic accountants and cryptocurrency experts to trace and value these digital currencies accurately. They ensure that all cryptocurrency holdings are disclosed and correctly assessed, taking into account market conditions and potential future value fluctuations.
Non-Fungible Tokens (NFTs)
NFTs have become a trendy digital asset, representing ownership of unique digital items like art, music, and collectibles. Their uniqueness and indivisibility make them particularly challenging to divide in a divorce.
Lawyers often approach NFTs by negotiating a buyout or agreeing on a percentage split of proceeds from future sales. Given the unique nature of each NFT, attorneys may also consider alternative dispute resolution methods.
Mobile Payment Accounts
Mobile payment accounts, such as PayPal, Venmo, and Cash App, are common in many households. These accounts often hold significant funds and are frequently used for daily transactions and savings.
Expert divorce lawyers focus on reviewing transaction histories and balances to ensure a fair division. They may subpoena records from these platforms to verify account holdings and trace any hidden assets.
Streaming Media Accounts
Netflix, Hulu, and Spotify are the go-to sources of entertainment in households. While they may seem trivial, these subscriptions often represent significant value, especially if they include extensive libraries of purchased content.
Divorce lawyers typically address these accounts by determining their monetary value and negotiating a fair division. They may recommend that one party retains the account while compensating the other for their share of the subscription’s value.
Music, Movie, and Video Game Downloads
Digital libraries of music, movies, and video games represent substantial investments for many individuals. These digital collections are often tied to specific accounts and can be difficult to divide equitably.
To address this, lawyers may negotiate buyouts or account transfers. They ensure that both parties receive fair compensation for their contributions to the digital library. Additionally, they may explore options for duplicating content where legally permissible.
While digital assets have presented unique challenges to an already challenging divorce proceeding, the presence of expert lawyers can make the process easier. Remember, all things digital leave a trace. This means that your divorce lawyer can effectively establish ownership where possible, and negotiate for the asset to be officially transferred to you!
The most important factor here is working with an expert divorce lawyer. This gives your case access to sophisticated strategies, along with professionals willing to execute them! When the concern is digital assets, work with experts to turn the tides in your favor!