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Identifying digital assets when facing a divorce

On Behalf of | Dec 11, 2022 | Family Law |

Going through the end of a marriage can be a stressful process and there may be a multitude of vital topics to cover when facing a similar change in life. Identifying and valuing all marital assets is one example of a step that may prove essential to preparing for what comes next, but this can also be somewhat complex at times. Individuals in Kentucky who are facing a divorce and wish to protect their futures might find it helpful to know the role digital assets might play in the process and how to identify such assets. 

Digital wealth 

It might not be uncommon for couples to accumulate various types of digital assets during a marriage. Currencies such as bitcoin are common examples of digital assets and knowing how to identify and properly value such possessions could prove essential. Even rewards points from credit card programs and frequent flier miles are types of digital wealth and such items could play a significant role during negotiations. 

Digital assets can also take the form of art or music collections that are stored via online outlets. While it may be possible to research the current value of these assets, placing a value on an entire collection of art or music might not always be so simple. Studies also suggest that electronic book collections may also be an integral topic to address, as some individuals may have significant investments in similar areas. 

Preparing for the process 

With so much at stake, preparing for a divorce could seem a stressful and overwhelming endeavor at times. Individuals in Kentucky who face a similar change in life circumstances could benefit from speaking with a family law attorney for advice in covering every essential factor involved with the process. An attorney can work toward addressing all a client’s concerns and goals and assist in developing a plan for divorce proceedings that best aligns with his or her needs for the future.