Getting married is an exciting time, but it is important not to overlook the practical details. One often overlooked area is digital assets. Digital assets include the online accounts, domains, social media profiles and virtual property that are integral parts of daily life.
Addressing these assets in a prenuptial agreement can prevent confusion and conflict down the road.
Understanding digital assets
Digital assets include a variety of online accounts, such as email and social media, website and domain details, photos and videos in online storage and cryptocurrency. Digital assets also include gaming profiles and accounts on business platforms. Nearly 5 billion people globally have accounts on social media platforms. With the prevalence of digital assets and the efforts put into cultivating them, it is important to determine their ownership and distribution.
Specifying access and control
A prenup should specify who will retain control over and access to digital assets in case of separation or divorce. You may choose joint ownership and access, or divide assets between spouses. You should also outline your password-sharing policies.
Addressing financial accounts and transactions
You should consider your digital financial assets, such as cryptocurrency wallets and online financial transfer accounts, the same way that you would treat traditional bank accounts. Your agreement should determine how these assets and transactions get divided or shared.
Making decisions about digital assets in advance prevents uncertainty, conflict or lost access during a potential divorce. Your prenuptial agreement can detail the expectations so that you both retain the rights to your own online resources.