Digital assets include intangible assets that only exist online or on electronic devices, like email accounts, online business, cryptocurrencies, digital photographs, social media accounts, etc.
These are different from hard assets, which are tangible and physical, like real estate, furniture, jewelry, etc. However, if you are going through a divorce, you may wonder whether the Florida divorce judge will treat these digital and hard assets differently.
How are assets classified?
As readers of this blog likely know, Florida divides property according to the legal principle of equitable distribution. This means that the marital estate (both assets and liabilities) is divided between spouses by what the judge believes is fair and equitable, not necessarily 50/50.
How are digital assets treated in Florida?
While they are intangible, digital assets, like their physical counterparts, are considered marital property. This means that they are generally subject to the same valuations and divorce property division processes as hard assets in our state.
This means that you should disclose all of your digital assets in your divorce filings. For example, your social media accounts that have digital photographs, NFTs, etc. They have both personal and financial value. Your cryptocurrency accounts and wallets should be disclosed as well, as well as any other wallets that have tokens, coins, NFTs, etc. in them.
Florida treats digital and hard assets the same in the property division process in a divorce. They will be split according to the legal principle of equitable distribution, but the New Port Richey couple can split these assets themselves, if they can agree prior to court.