Dividing digital assets in a divorce

| Oct 2, 2020 | High Asset Divorce |

Historically, divorcing couples have had to focus their attention on dividing physical assets such as their cars, a family business or the matrimonial home. In recent years, however, more and more couples have also started amassing digital assets that must be thoroughly examined and divided when the marriage comes to an end.

When most people hear the phrase “digital assets” they might immediately think of photo albums full of vacation pictures stored on a computer. While this might be a proper foundation, digital assets have grown to encompass much more, including:

  • Entertainment libraries: Individuals can stockpile various items either locally or in cloud storage. Electronic books, mp3s or movies can quickly grow into an extensive collection.
  • Online stores: From eBay to Facebook Marketplace, creating an online store has become a simple process. Having said that, though, curating the store with quality sales, good customer interaction and positive reviews can be a difficult task.
  • Online money: From PayPal and crypto currencies to credit card rewards and accumulated travel miles, it is not uncommon for a couple to build a significant amount of online monetary value.
  • Social media: Over the course of a marriage, it is not uncommon for the couple to cultivate a significant online presence. From a blog featuring various musings to social networking sites such as Facebook, Twitter and Instagram a digital lifestyle is often shared between the couple.

These might be the most common examples of digital assets right now, but in 10 years the landscape could look completely different. There might be a way to save vacation memories, store emotions or other ideas that might seem straight out of a science fiction story. It is important to understand the challenges you might face through the divorce process.