You’re getting ready for a divorce, and soon the state could divide the property shared by you and your partner. But assets go beyond physical goods these days. With such a large portion of your life online, it can be hard to know what counts.
Colorado looks to divide assets through equitable distribution, which means both parties get their fair share, but that doesn’t mean an even share. This means it’s even more important to make sure all the cards are on the table in a divorce.
Nontangible assets
Assets that aren’t physical are just as eligible for the marital property pot:
- Digital purchases: Music, movies, e-books, games and apps can all fall under marital property, especially when purchased with shared assets. People in the U.S. estimate they have over $55,000 in assets on their device alone.
- Online businesses: Even without a physical store, an online storefront can have value like a traditional business.
- Cryptocurrencies: Designed to be hard to track, most accounts don’t use names, but rather a string of letters and numbers to retain anonymity.
- Social media: You could place value on a monetized YouTube account, or an Instagram account that generates revenue.
Follow the money
Understanding what digital assets you can count is only part of the deal. Knowing where to find these assets can be a job all on its own. Follow paper trails, look through tax returns and check your computer. This can help you find assets that you should count towards the divisible property.
With so much being kept online these days, you may have to go the extra mile to track down everything. Knowing what digital assets are and how to track them down can go a long way toward ensuring you get your piece of the property.