Dividing your marital assets can be one of the most contentious and complicated steps in a divorce. Between the economic details of property division and the emotional challenges of splitting one estate into two, there are plenty of opportunities for disputes.
One common type of dispute stems from failure to disclose marital assets. As part of the division of property process, each person needs to make a list of all shared and separate assets and liabilities. Eligible assets are then calculated and distributed in accordance equitable division laws. If you fail to disclose any property, you could be in serious trouble.
This is why you must be sure that you disclose all assets, including your digital assets.
Many people overlook digital assets. After all, they may not be visible or even tangible which can make them easy to forget and difficult to value. However, it is crucial that you include digital assets in financial documentation. This includes:
- Money in online accounts like PayPal and Google Wallet
- Music, book and movie libraries
- Profits from online stores and auction sites
- Virtual goods with real-world value
- Social media accounts
- Bitcoins, which are virtual currency
- Computers, tablets, phones and other products used to access digital assets
Because you may not see these things every day or ever, it can be easy to forget about them and leave them out of a divorce. However, someone who does this, accidentally or intentionally, could wind up in serious legal trouble.
In order to avoid costly fallout associated with non-disclosure during a divorce, it is crucial that you be thorough and precise when documenting assets and debts. If you have questions about specific property or concerns that your soon-to-be ex may be hiding digital assets, then you should talk to your attorney as soon as possible to avoid the consequences of an incomplete and unfair divorce settlement.