In today’s digital age, divorcing couples in Illinois need to be mindful of more than physical assets.
For example, digital assets might require protection during divorce proceedings. They may include online accounts, cryptocurrency and intellectual property.
1. Online accounts
Online accounts encompass a wide range of digital assets, including email, social media and cloud storage accounts. These accounts may contain sensitive information, personal communications and valuable digital assets, such as photos and documents. During divorce proceedings, spouses should secure these accounts to prevent unauthorized access and protect sensitive information.
2. Cryptocurrency
In Illinois divorces, cryptocurrency holdings are marital property and are subject to division. Couples must accurately disclose their cryptocurrency assets and work with professionals to determine their value and equitable distribution.
3. Intellectual property
Intellectual property rights, including patents, trademarks and copyrights, can be significant assets in a divorce. If one spouse holds a patent for an invention or a copyright for creative works, it may be subject to division or valuation. Proper documentation and valuation of intellectual property assets help ensure fair distribution.
4. Digital businesses
For couples who own digital businesses, such as online stores or software development companies, dividing assets can be complex. Digital businesses may have intangible assets, such as software code, customer databases and online storefronts.
To protect digital assets, proactive measures may include changing passwords for online accounts, securing sensitive information and documenting the value of the assets. By understanding the nature of digital assets, individuals can navigate divorce proceedings with greater confidence.
