Some people will see this title and know exactly what I am about to discuss. Others will see the word “assets” and have a vague idea of value, but not know how to apply this term to the biggest change in their life--divorce.
Basically, an asset is something of value. If it’s valuable, it’s an asset. For most going through a divorce, assets will manifest as something physical: a car, a home, a computer, a boat, etc. Any of these items are easy to see as a good that can be sold or traded for something else. The role of finances is huge in divorce, and these assets are some of the first a divorcing couple might think to divide.
Assets get more complicated. The other kinds of valuable items are less concrete. Think in terms of savings accounts, stocks, 401ks, insurance policies, and other investments. Even the most amicable of divorces can get sticky when splitting this type of asset.
Then, there are digital assets. Technology streamlines processes for us, but fifty years ago a “digital” asset was not something divorcing couples had to consider. Companies use digital assets daily, but a digital asset is anything stored, get this, digitally. Your wedding pictures on the cloud? Digital. Those files you need for branding and marketing? Digital. I think you get the picture (Pop quiz: If it’s digital, who gets it in the divorce?).
The point of breaking this one term down is simply for you to see how a word could cost you in a divorce. There are dynamics involved here that you want to understand so that your finances don’t suffer, or your company doesn’t struggle, or your favorite video of your child crawling doesn’t disappear into the ether.
Familiarize yourself with terms you will need to understand during the divorce process. We have a blog about terminology, too, so mosey on over to that blog and give it a read. Be informed. Protect yourself and your family. Understand how your assets should and could be divided. Remember, if you have questions please contact us. Divorce is a difficult process, but it will get better, and we are here to help.