Divorce involves many financial details, including splitting digital assets. These digital assets, which are becoming increasingly important, are a significant part of the overall asset division process. Understanding how Arkansas law handles these intangible assets can help you prepare your case to receive a fair settlement.
What are digital assets?
Digital assets include cryptocurrencies, online accounts, digital media (like music and e-books), and cloud storage files. As people use these assets more, they become more important in divorce cases.
Arkansas law on dividing assets
Divorce laws in Arkansas require former spouses to divide assets fairly but not necessarily equally. The court strives to make the split fair, but it may not be a 50-50 division. This rule applies to digital assets as it does to physical property. Factors such as the length of the marriage and each person’s financial situation affect the division.
Finding the value of digital assets
Determining the value of digital assets can be challenging. For example, cryptocurrencies can change value quickly. Courts may use expert opinions to assess the worth of these assets. The value of digital media and online accounts might stem from the cost to get them or the income they can generate. For instance, the value of an online account could be based on the cost of subscription or the potential advertising revenue it can generate.
Tips for those divorcing
If you’re going through a divorce, list all your digital assets and note their current value and login details. Prepare any evidence you have about primary account ownership or financial need. Seeking advice from legal and financial professionals can provide further reassurance and confidence.
Stay informed
Understanding how Arkansas handles digital assets in a divorce can help you navigate intangible asset settlements. Since an equal split isn’t automatic, staying informed and proactive is key.