Married couples share many material possessions over time. In the event of a divorce, some possessions are divided between the spouses. However, it is important not to overlook what happens to digital assets in a Tennessee divorce settlement. Digital assets, such as pictures and videos, often carry great sentimental value, and if they are lost or restricted during the divorce, it can be emotionally distressing.
CNBC points out a number of examples of digital assets. In addition to photos and videos, digital assets may include music libraries that are stored digitally, profiles on social network sites, and email accounts. There are also subscriptions that many people use daily to receive news and store digital files. There are even some digital assets that contain money, such as PayPal, that should be accounted for.
As Forbes points out, generally digital assets do not possess a lot of monetary value. It is unlikely a picture you snap on your smartphone is going to be worth any amount of money. However, the picture or video you store on your computer may have a lot of sentimental worth to you personally and perhaps to your spouse as well. So it is in your interest to retain access to pictures and videos you want to hold on to once your divorce is finalized.
Sometimes people keep personal copies of digital assets on their own personal digital devices and thus face no risk of losing access. However, if digital assets are on a platform, such as a cloud, that you and your spouse share, you will need to work out a way to share access to those assets. In the event you cannot download your own copies, a separation agreement should create a provision for you and your spouse to maintain access to the assets, such as providing passwords to access the appropriate platform.