If you are getting a divorce here in Georgia, you might have to deal with splitting the value of a digital asset known as a non-fungible token, or NFT, with your soon-to-be ex-spouse. While cryptocurrencies have been complicating Georgia divorces for a few years now, NFTs are the newest form of intangible digital assets on the market.
Even former First Lady Melania Trump recently dipped a toe into the NFT market. Mrs. Trump marketed the first of three NFTs back in December. Her first NFT offering was a watercolor rendering of her eyes.
What exactly is an NFT?
An NFT is a digital representation of a type of online collectible. It can digitally depict music, art and even gaming. The value comes from the impossible-to-forge authentic certificate of origin linking the asset to blockchain technology through its cryptocurrency roots.
What is the relevance NFT in a Georgia divorce?
As more and more couples branch out into less traditional investment forms, the courts will need to identify the value and ownership of these digital assets. Having access to the ownership token will suffice as proof of ownership of the NFT.
Some people wrongly assume that cryptocurrency is untraceable. A skilled forensic account can observe financial patterns indicative of cryptocurrency purchases and turn-up assets stashed by one spouse so the other remained unaware of its existence and value.
The changing role of cryptocurrency in divorce
Since property ownership can be proven with ownership tokens and authentic certifications, it’s likely that NFTs will emerge more frequently in marital property settlements, prenups and divorce agreements. If you have digital assets to protect, work closely with your legal counsel to get the highest value possible.