A divorcing couple will face numerous challenges while advancing through the process. From child support and spousal maintenance to property division and parenting plans, the process of splitting one household into two can take its toll emotionally and financially. Fortunately, the proper preparation and guidance can help all parties proceed smoothly.
When couples think of property division, they typically first think of common physical assets that would be easy to value and divide. Assets such as a home, vacation property, timeshares, land and vehicles can likely be quickly assigned a value and folded into the overall financial negotiation. There are certain assets, however, that might have a more nebulous value or are more challenging to achieve an equitable split, including:
- Family business
- Business assets
- Pension plans
- Retirement plans
- Deferred compensation
- Stock options
- Country club memberships
Additionally, a divorcing couple will likely have to thoroughly examine their digital assets to reach an equitable split. Digital assets can include:
- Social media accounts
- Hosted picture collections
- Entertainment collections including books, movies, music and video games
- Travel perks
- Cash back bonuses
- Online storefronts
More couples find themselves living an increasingly digital life. From crafting a blog to building thousands of dollars in consumer rewards, it can difficult to part with these digital assets when divorce becomes a reality.
Part of the challenge lies in identifying marital and non-marital assets. For example, an asset that was brought into the marriage might have started as a separate asset, but when used and grown by both partners, the argument can be made that the asset is now a marital asset. For these confusing questions, it is wise to work with an experienced family law attorney who can provide the answers and guidance you need.