Posted 14 Sep, 2024
In today’s digital world, couples share more than
just physical assets - they also have joint subscriptions, streaming services,
cloud storage, and other digital accounts. When a relationship ends, deciding
what happens to these accounts is an important but often overlooked part of the
divorce process.
Yes. Just like financial assets and property,
shared digital accounts should be included in a financial settlement. These
accounts may hold monetary value or sentimental significance, making it
essential to agree on how they will be handled after separation.
Step 1:
List All Shared Accounts
Start by identifying every digital account that is
shared. Consider both paid subscriptions and free accounts that hold important
information.
Step 2:
Agree on Who Keeps What
Decide which accounts should be transferred,
closed, or divided. If one person relies on a subscription more than the other,
they may take over payments or create a new account.
Step 3:
Update Payment Details
For accounts that will be transferred, update the
payment method to reflect the new owner. If you are no longer responsible for
an account, ensure your payment details are removed.
Step 4:
Secure Personal Information
Change passwords on personal accounts to protect
your privacy. If you used the same login details for multiple accounts, update
them to prevent unauthorised access.
Step 5:
Handle Cloud Storage and Digital Photos
Decide how to divide or back up shared digital
memories, such as photos and videos stored on iCloud or Google Photos. You can
download and share copies or agree on ownership of particular albums.
If disputes arise over shared digital accounts,
mediation can help find a fair solution. In cases where digital assets have
significant financial value, they may need to be formally included in the
divorce financial settlement.
While digital accounts may seem minor compared to
property and finances, they can hold both sentimental and financial value.
Seeking legal guidance can ensure that all shared assets, including digital
ones, are properly accounted for in a divorce settlement.
At Endeavour Law, we help clients navigate
all aspects of financial separation, including digital assets. If you need
assistance managing shared subscriptions and accounts, our team is here to
support you.