The importance of virtual assets in divorce

| Jul 27, 2016 | Divorce, Property Division |

Considering division of property in divorce, most people think of things like homes, cars, jewelry and other tangible items. However, there are other assets that are just as important in divorce: Virtual assets.

While just as important as tangible assets, virtual assets are more complicated to divide in divorce. If you have significant virtual assets and are facing a divorce in Georgia, the most important thing you can do is talk with a sophisticated attorney who understands the complications involved and can protect your interests.

What are Virtual Assets?

As an asset, a virtual asset is simple something of value. As part of divorce in Georgia, assets are divided between the divorcing spouses. The difference between virtual assets and tangible assets is that virtual assets exist technologically.

These assets can include books, games, music, movies, accounts with online vendors, downloaded software, personally owned websites and blogs, online storage accounts and other related computer and internet-based assets.

The assets of a couple are divided as part of almost any divorce. Virtual assets, just like tangible assets, are to be divided as part of a divorce.

Why Are Virtual Assets Difficult to Divide?

There are a few common challenges with dividing virtual assets, including:

  • Finding virtual assets: It is always difficult to uncover all of the virtual assets that a person or couple owns. Assets are scattered over the internet, and in some cases, a person might not even know he or she is in possession of some virtual assets, or can hide them to avoid losing them in the divorce process.
  • Valuating virtual assets: In some cases, it is also difficult to know how much a virtual asset is worth. It takes knowledge and experience to properly valuate virtual assets.
  • Transferring or splitting ownership: Just like with tangible assets, virtual assets that have been shared throughout a marriage become complicated too split up during a divorce. Sometimes there are ways to share ownership, and other times one spouse or the other will take possession.

Although there are significant difficulties involved with virtual assets in divorce, it is critical to account for these and make sure your interests are protected in the divorce process.

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