Not that long ago, dividing assets after a divorce meant going through tangible objects and deciding who would get to have which items. When there was an argument about who could keep something, it was a matter of determining whether it belonged to the individual or the couple.
While many assets are still tangible items around the home, more assets are digital. These items may seem insignificant, but digital collections accumulated over the course of a marriage can add up quickly.
Here’s what you should know about dividing up your digital assets during a divorce.
Digital assets can add to the confusion
One of the advantages of digital assets is that there is a record of when you purchased it and how you paid for it. Depending on how you and your spouse managed your finances, this could make asset division simpler or more complex.
If you maintained separate accounts and did not buy digital items for each other, the process of dividing your digital belongings will be simple. On the other hand, if you had joint accounts or regularly made digital purchases for each other, it can be challenging to determine what items belong to which person.
Since Texas is a community property state, digital assets that you purchased jointly during the marriage belong to both of you. When it is time to part ways, you will have to decide on an even distribution.
Keep in mind that if your digital assets are kept in one commingled account, they could be considered community property. If you cannot show that items in the shared account belong to one of you or the other, all the items in the account could be common property.
As you look through your digital assets, it is essential to try to trace who purchased it and whether it was part of a comingled collection of assets.