High-asset divorces involve sophisticated assets beyond the marital home and savings accounts. In these cases, spouses usually have accumulated relatively unusual marital properties, such as digital assets.
Digital assets can include a wide range of items, such as cryptocurrencies, online business revenues, digital intellectual properties, loyalty program benefits and other valuable online assets.
Understandably, many are unsure about how these properties are divided during a divorce. If you are considering a high-asset divorce, here are what you should know about dividing digital assets.
The division principles that apply
Despite being a relatively newer type of asset, digital assets follow the same general property division rules as other types of assets in Oklahoma. This means courts divide marital properties fairly and equitably.
Judges determine the division based on several factors surrounding each case, including the marriage’s duration, each spouse’s contribution to the marital estate and their income and earning potential and any other factor the court deems relevant.
The importance of valuation
Valuation is essential to dividing assets in a divorce because it ensures an equitable distribution of the marital estate. This is especially critical with digital assets because of their volatile nature. Proper valuation also informs the parties of any tax implications arising from digital asset transfer or liquidation.
The benefit of enlisting the help of the right people
Given the importance of proper valuation, divorcing couples often need to enlist the help of financial experts, appraisers or forensic accountants who specialize in digital assets to ensure accurate assessments. Moreover, legal professionals experienced in handling digital assets in divorce proceedings can also provide crucial guidance to ensure both parties achieve a fair and just settlement.