When divorcing in BC, parties will typically divide family property equally. Often, people focus on the high-value items, like a matrimonial home, cars and retirement plans, as they can hold the most obvious financial significance.
However, there are other assets that can have a surprising impact on the process of dividing property.
Today, people often have assets or property that they cannot exactly see because they exist online or in the digital atmosphere. However, the following assets can be worth a meaningful amount, and the right to continue managing them can have far more monetary value than you expect.
- Online stores
- Domain ownership
- Monetized social media accounts
- Movies, TV shows and music libraries
Look around you. You probably have a lot of personal property in your home, garage, car or storage facility that may not be incredibly valuable on its own. Cumulatively, though, it can add up to a lot more than you think. As such, it is important to prepare a list of personal property during financial discussions so that they can be divided fairly. Be sure to include:
- Technological devices
- Collections and collectibles
- Household appliances
- Lawn care equipment
When property has sentimental value, it can derail property division discussions. This is true even if the item has no meaningful monetary value. More specifically, divorcing parties can wind up arguing over property like:
- Sports memorabilia or trophies
- A child or baby’s mementos
- Photo albums
- Travel souvenirs
Because these types of property can hold surprising value, they can lead to fighting. For instance, people can disagree over value and ownership, and these fights can become contentious. As such, you should not overlook or minimize these types of property. And if conflict arises regarding how to divide the items, a lawyer can help you understand what is fair and find creative ways to distribute these assets.