Property division can be a challenging aspect of even the most calm, collaborative divorce. A couple has spent years or decades together building a home, vehicles and numerous collections of physical assets that must all be valued and split to divide one household into two. It seems with every new generation, there is an additional layer of complexity added to these proceedings. In the last decade, divorcing couples have seen the importance of digital assets skyrocket.
Historically, couples have used the phrase digital assets to refer to common collections such as photographs stored on a shared computer or access to social networking sites like Facebook, Instagram and Twitter. Now, however, digital assets have expanded to encompass numerous online properties such as:
- Online storefronts: It is not uncommon for couples to start a business on the Internet. Platforms from eBay to Facebook Marketplace have increased in popularity and show no signs of slowing down. While it is not a brick and mortar business, these stores must be valued and divided in a divorce.
- Entertainment collections: Moving from the humble roots of picture collections, digital assets can also mean movie collections, music collections, book collections and videogame collections.
- Online consumer rewards: Online retailers face significant competition and often reward their returning customers with perks. These perks can include gift cards, discounts, cash-back bonuses and airline miles.
- Cryptocurrencies: Digital currency such as Bitcoin will be divided in divorce like any other cash or financial account.
It is crucial that the divorcing couple takes the time to carefully examine all physical assets, digital assets and debt responsibilities when ending the marriage. An experienced legal professional can provide the guidance and answers you need at all stages of the process.