Cryptocurrency in a Divorce
The number of people who own cryptocurrency has increased dramatically over the past few years. Whether it’s Bored Apes or some random -coin, most people–regardless of age–are tech savvy enough to have heard of this new digital currency.
People have invested in it, sometimes their life savings, and when things go well, its value has grown significantly as a result. It can provide you with an income stream not unlike other investments that may already be in your portfolio. But what happens when a divorcing couple has cryptocurrency holdings? You’re probably wondering just how it’s valued, and how will your precious Bitcoin be handled?
For many couples, a divorce can be one of the most difficult experiences of their lives. But when you add cryptocurrency into the mix, things get even messier! Luckily for you, we have all the answers. In this blog post, our attorneys at Thompson Law will discuss cryptocurrency and how it is treated in asset division proceedings, so you can be better informed if you find yourself in this situation.
Cryptocurrencies Are Simply Investments
This coin is treated as property by the legal system, meaning that it can be divided up and distributed in a divorce just like any other asset. The value of cryptocurrencies can fluctuate wildly, so it’s important to accurately determine the worth of your assets before negotiating a divorce settlement with your spouse. You will also need to provide proof of ownership and decide how it should be divided in a mutual agreement with your ex.
If you have cryptocurrency, it is important to speak with your divorce attorney about how it should be handled during the settlement process. Thompson Law attorneys have experience helping clients with issues in divorce proceedings. We’re devoted to putting our knowledge into practice, applying it where it matters: in your case.
What if You Can’t Agree About The Cryptocurrency?
The court will decide how to divide your cryptocurrency assets if you and your spouse cannot agree. The court will take into account many factors, such as each party’s income, financial needs, earning potential, and which of the spouses put in most of the effort in acquiring the cryptocurrency. The court may consider any cryptocurrency that was acquired during the marriage as a marital asset.
It is important to note that, while cryptocurrency has been around for several years and a number of courts have ruled in divorce cases involving the currency, many legal experts are still trying to determine how—and if—cryptocurrency should be treated in divorces.
Cryptocurrency and divorce can be difficult to navigate. If you have cryptocurrency, it’s important to discuss them with an experienced lawyer who can help secure these assets during a divorce.
Family Comes First
Divorcing couples who are dividing assets have to reevaluate their relationships to each other, as well as the property they once shared. We at Thompson Law have significant experience representing clients in high-asset divorce cases involving cryptocurrencies, and we are ready to help you as well.
Schedule a consultation today and help us help you!