In the last two decades, we have all witnessed the growing importance of various online properties. Experts use the phrase “digital assets” to categorize property that might not have a corresponding physical component. Married couples may grow these assets together over the course of several years of marriage, adding a complex factor to their property division.
Based on their unique hobbies, entertainment habits and business ventures, a couple might find themselves the owners of several types of digital assets, including:
- Entertainment collections: Due to its increasing popularity, a couple might amass a collection of digital entertainment media. From books and movies to music and videogames, both parties could devote significant time and money to building a collection.
- Online presence: It is not uncommon for a couple to work together to cement their online presence. From blogs and file-sharing sites to social media such as Facebook, Instagram and Twitter, it can be challenging for a couple to divide ownership of shared accounts.
- Online shopper rewards: Online shopping is a competitive marketplace, and retailers strive to reward loyalty and new customers alike. A couple can amass thousands of dollars in gift cards, discounts, airline miles and cash-back bonuses.
- Digital storefronts: Over the course of the marriage, the couple might decide to sell used merchandise or develop a business for crafted items. Often, they will choose to sell these products online. Whether through eBay, Facebook Marketplace, Etsy, or another online storefront, the couple will take the time to build a shop, cultivate customers and present positive reviews. In a divorce, the couple must decide how to divide their online business.
A divorcing couple has numerous decisions to battle through. From deciding parenting time and spousal maintenance to dividing complex assets such as digital properties and retirement funds, the divorcing couple often faces a difficult process. It is wise to proceed carefully through all negotiations to reach the best resolution possible.