In today’s interconnected world, our lives are intertwined with digital assets, ranging from social media profiles to cryptocurrencies and online accounts. However, these intangible resources often become a tangible concern when it comes to divorce proceedings in Texas.
Digital assets encompass a wide array of virtual possessions, including but not limited to: Cryptocurrencies such as Bitcoin, Ethereum, and yes even Dogecoin. Intellectual property such blogs, eBooks, and other creative works developed during the marriage may have financial worth and thus will need to be divided. Social media profiles such as a monetized YouTube channel or TikTok profile. And although they may not be worth much now, NFT’s would also be a digital asset that will need to be divided.
Of course, the key challenge in dividing digital assets is determining their value. Unlike physical assets, their value is often subjective and extremely volatile. Some NFT’s were worth millions when the craze first began, but now those same NFT’s may only be worth a few hundred dollars. Cryptocurrencies can rise and fall based on the tweets of a billionaire. And how much a joint vlog YouTube channel brings in depends entirely on the view count. In a case where digital assets are at issue expert appraisal might be necessary to establish a fair assessment. Just as it is with physical property digital assets will need to be will need to be properly logged in an inventory. This important document will help your experts and attorneys when it comes to properly dividing the property.
As it stands the Texas Family Code does not explicitly address digital assets, which means their treatment can vary based on individual cases and court decisions. Factors such as ownership, source of funds used to acquire the assets, and community property principles can all influence the division.