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Digital Assets

What are Digital Assets and How Do They Impact My Divorce?

Dividing Digital Assets in Divorce – 50-50 Split?

Fifteen to twenty years ago, digital assets were not a topic of hot debate or even of casual conversation. Fast forward to modern day America and all of that has since changed. As a society, we have experienced a cultural shift that now encourages an increasing trend to move large portions of our lives online. For better or worse, online accounts, social media, and digital currency are here to stay. Seeking the advice of current and knowledgeable family law attorneys will help you navigate the challenges that all divorcing parties face when it comes time to divide their assets, digital or otherwise.

What are Digital Assets?

The term ‘digital assets’ is generally described as anything of value that can be stored or accessed online. More specifically, these include intangible assets that exist in a digital format covering a wide swath of categories.

First and widely recognized are online or “crypto” currencies. Examples such as Bitcoin, Ripple, Dogecoin, and more have entered popular jargon as increasing numbers of people accumulate and trade their funds online. Additionally, online reward programs draw high interest from vast numbers of Americans every day. Digital plans such as … Read More... “What are Digital Assets and How Do They Impact My Divorce?”

Estate Planning and Digital Assets in Ohio

Who Can Access Your Digital Assets In The Event Of incapacitation or Death? RUFADAA In Ohio Explained.

Whether it be on-line bank accounts, social media accounts, e-mail accounts, etc., most people today have digital assets. When one becomes incapacitated or deceased, how does a fiduciary gain access to this information? First, one must become familiar with the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA).

Ohio, like a number of states has adopted RUFADAA. To read ORC Section 2137.01, click here. RUFADAA defines “digital asset” as an electronic asset to which a person has a right or interest. The extent to which a fiduciary has access to this information is determined under RUFADAA as follows:

First – The account custodian may have an on-line tool through which the user has provided direction as to the extent digital assets can be revealed to third parties.

Second – If number one does not apply, the owner can designate in estate planning documents (POA, Will, Trust) who can access this information and to what extent.

Third – If neither one nor two apply, the account custodian’s terms of service apply.

Fourth – If the terms of service do not address

Blast From the Past: Bitcoins and Hiding Crypto and Digital Assets in a Divorce Action

Blast from the past 13 years Ohio Family Law Blog

PUBLISHERS NOTE: The ownership of digital currency including cryptocurrency and Bitcoin has increased exponentially since my first Ohio Family Law Blog article “Bitcoins and Hiding Assets in a Divorce Action” on the subject on October 4, 2014. In that ”Blast From the Past” we provided an overview of bitcoin and cryptocurrencies and we geared it primarily towards my fellow divorce lawyers. Today, I want to update legal developments in this exciting area of Bitcoin And Cryptocurrency Divorce Issues and focus more towards spouses who may be having marital issues and who own bitcoin or other cryptocurrencies.

Finding Hidden Assets During Divorce: Bitcoin And Cryptocurrency

Current Bitcoin and Cryptocurrency Tidbits

Bitcoin and cryptocurrency has been in the news a great amount since the start of this year. In 2017 it soared in value to almost $20,000 per bitcoin, but this January it fell to below $8,000. It appears that it is on its way back up until Twitter joined Facebook and. Google banning cryptocurrency ads on March 26, 2018. At this point, the most popular coins are bitcoin, ethereum, and ripple. Lots of new merchants now accept bitcoin. Did you know that there are even bitcoin ATM’s in Cincinnati … Read More... “Blast From the Past: Bitcoins and Hiding Crypto and Digital Assets in a Divorce Action”

Divorce: Dividing iTune Libraries and Other Digital Assets

What Happens To Your Digital Assets In A Divorce?

Digital Assets Library That Can Be Divided In A Divorce Process Include Kindle, iTunes, Xbox Live, Games, Apps And Other Digitally Downloaded Media

divorce digital assets Traditionally, when dividing assets in a divorce, each individual looks to their assets obtained during the marriage. When these assets are identified, the process of dividing those assets up then runs its course. Today, with the constantly changing technological field, assets are not merely tangible objects anymore. For example, your iTunes library is not a tangible asset, yet it does have value and you did spend money to amass this library. Even though this asset is not a house, car, jewelry, or even cash, it’s still considered an “asset.” It also doesn’t matter which spouse maintained the library, or who actually purchased the digital assets; as long as they were obtained during the marriage, they qualify as “marital assets” which means they’re treated no different than a car or any other tangible asset.

Well, let’s say you share this music library with your spouse. What happens when you go through the divorce process? This concept has been somewhat of a grey area due to the relative … Read More... “Divorce: Dividing iTune Libraries and Other Digital Assets”