Couples will face countless challenges as they slowly move through the process of ending a marriage. From financial negotiations including support to emotional compromises such as parenting time, the divorcing couple will have to carefully determine the distribution of all marital property before embarking on independent futures.
Digital assets have gained prominence in recent years, leading to numerous new wrinkles in the process of property and debt division. Couples will need to thoroughly examine any online assets when developing the full divorce settlement. These digital assets can include:
- Digital entertainment: Entertainment collections can span movies, books, music and video games. Couples will have likely devoted time, effort and money into cultivating these collections which will need to be divided.
- Digital storefronts: From eBay to Facebook Marketplace, individuals can set up a storefront to sell used merchandise or even act as an independent reseller. These stores might be easy to set up but can take hundreds of hours to curate – from designing a website to building customer relationships and a foundation of positive reviews.
- Digital currency and rewards: From cryptocurrencies like Bitcoin to customer rewards like a cash-back-bonus or airline miles, online currencies quickly grow in value over the course of a marriage.
In decades past, digital assets might have only included a collection of vacation photos stored on your computer’s hard drive. Now, however, these assets have grown into massive collections worth thousands of dollars.
Divorcing couples are wise to thoroughly examine their assets and debts. Many will assume that property division only means the bigger things like the family home, cars or a business. In fact, property division entails all marital assets from the book collection on your shelf to the book collection in your Kindle. Do not hesitate to seek guidance as you work through this process.