The Additional Challenges of Certain Assets
Asset division is often one of the more difficult steps in the divorce process to work through, as both parties aim to protect assets from going to their spouse. Certain types of assets can bring additional challenges because of the layers of complexity surrounding them, and these assets should give couples reason to be diligent in divorce proceedings.
The world is becoming increasingly digital as cryptocurrencies are created and NFTs are minted on the blockchain. The difficulty in working with digital currencies is that they are not physically touchable assets; in order to divide these assets, both spouses must have digital wallets so anything divided can be transferred. In addition, if any passwords or log-in credentials are involved, there are digital privacy laws that must be followed throughout the process, as well.
This involves property beyond the family home. Some people own multiple pieces of real estate for various purposes, including investment properties. The challenge comes with valuation, as the real estate market can change over time; one year prices may increase rapidly, and the next those same prices may decrease. Owners of multiple properties may wish to work with an outside expert in order to assess the most accurate valuations.
When people choose to invest in the stock market and open brokerage accounts, they should be aware that the assets present in those accounts could be divided in a divorce. The difficulty with stocks is that their value changes almost daily depending on a number of different factors; assessing a true market value for a stock can be difficult. In addition, should stocks be divided, transferring those assets from one party to another is rather tricky, as the brokerage firm holding those stocks must be informed of the transfer in writing.
Work Closely with Your Attorney
While these assets sound difficult to navigate, the right attorney can make a significant difference in the outcome of dividing them. You will want to work with an attorney with knowledge of various complex assets, and your attorney should also be skilled in negotiating asset division with your best interests in mind. At Law Office of Greg Quimby, P.C., our team can handle complex assets in property division and will work with you to protect your right to your property.
Learn more about asset division in Colorado or schedule your consultation with a member of our team by calling us at (719) 212-4227 or by visiting our website.