Whether your divorce process centers on mediation, negotiation or litigation, you will face numerous negotiations and compromises along the way. Disputes must be resolved regarding several types of financial matters. From issues centering on support to those focused squarely on property division, couples must work together to achieve the best result.
The division of assets and debts often represents the most challenging part of the divorcing couple’s experience. Unfortunately, in recent years, property division has become many times more complicated due to the couple’s increased reliance on digital assets, including:
- Cryptocurrency: From Bitcoin to Ethereum and everything in between, many couples have significant cash reserves tied up in cryptocurrency. This digital money must be properly valued and divided during the divorce process.
- Online storefronts: Some couples work together to create and curate online storefronts used to sell personal items or as a conduit for new products. Whether it is eBay, Facebook Marketplace or another digital storefront, people work hard to run a website and cultivate positive customer reviews.
- Entertainment collections: These online collections can be movies, music, books or videogames. The collection can represent hundreds or thousands of dollars in value and countless hours of entertainment that must be equitably divided in a divorce.
- Online consumer bonuses: Online marketplaces can be a crowded, challenging environment for retailers. Many of them offer rewards such as cash-back bonuses, airline miles and so on. These assets must be carefully examined to arrive at an agreed-upon value.
A divorcing couple will often first focus their attention on dividing physical assets such as the family home or vehicles before considering online property. Over the course of the last decade, however, couples have devoted significant time and money toward building digital assets as well as physical property. An experienced family law attorney can provide guidance when you must divide physical assets, digital assets and debt responsibility in your divorce.