It is not uncommon for individual lives to become intertwined over the course of a marriage. Whether the marriage lasts years or decades, the parties will likely begin sharing assets such as cars, bank accounts and credit cards. Today, however, more and more shared assets reside in an online environment. How can these assets be effectively divided if divorce becomes a reality?
A divorcing couple will anticipate having to divide the house and cars as well as any debt they’ve accrued over the course of the marriage. A significant portion of modern life, however, is lived online. What types of digital assets will couples likely have to divide?
- Shared social media accounts: Often, couples will build a social networking presence together as a way to share photos and stay in contact with their extended family.
- Entertainment media collections: Digital assets can easily include downloaded music, movies, games and books.
- Blogs and websites: Moving past social media pages, it is not uncommon for couples to build a personal URL or write regular blogs on a popular blogging platform.
- Online stores: It is likely that the couple has worked together to build an online store through eBay, Facebook Marketplace or a similar platform.
- Online currencies: From cryptocurrencies like Bitcoin to things like airline miles and the cash back bonuses awarded for online purchases, these assets must be analyzed and divided.
It is crucial that the divorcing couple works together through all aspects of the property division process. It might be a challenging negotiation, but by discussing all aspects of your shared finances you can build better independent futures for yourselves.