Figuring out how to divide your property can be the hardest part of your divorce. The more unique and valuable your property is, the more likely you and your spouse are to disagree about the right way to split it in your upcoming divorce.
Possessions can sometimes require an appraisal by a professional. If you have a work of fine art, for example, bringing in someone with knowledge about the genre or artist can help you determine the fair market value for the art.
What happens when the art is newer and possibly not even physical? Cryptoart or digital art has become increasingly popular, with certain pieces of cryptoart selling for tens of thousands of dollars. How will you handle this kind of property in the divorce?
You need to establish the price for the cryptoart
You didn’t purchase the cryptoart, the idea that a digital file is unique may seem strange to you. However, works of crypto art are actually non-fungible tokens (NFTs). They have a specific digital fingerprint that makes them unique.
Artists may release limited series of cryptoart works just like they do with physical prints. The unique nature of cryptoart means that it could be worth a significant amount of money, provided that you validate its authenticity and current market value.
Even if your spouse owns it, it may be community property
If you don’t understand how cryptoart works, you probably didn’t have much of a say in the purchase. Still, if your spouse bought a piece of cryptoart with marital assets or income, you can claim some of the value how the buy that crypto art in your divorce.
In fact, your spouse may have purchased it specifically because they thought you wouldn’t claim it or see the value in it, getting a professional assessment of the value of unique assets can help you secure a better outcome of the property division in an upcoming Texas divorce.
from Texas Bar Today https://ift.tt/3hZRe4H
via Abogado Aly Website
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