Cryptocurrencies Challenge High-Asset Division in Divorce

Going through a divorce leaves high-net-worth spouses with complex asset division issues. In 2009, Bitcoin first announced its existence to the world. It took approximately 10 years before cryptocurrencies like Bitcoin became hot topics for people contemplating divorce proceedings. The problem escalates when applied to high-asset division in divorce. In legal offices all over the globe, lawyers discuss cryptocurrencies as they relate to divorce.

Only a handful of family law lawyers have experience with cryptocurrencies as they relate to high-asset division in divorce. Most attorneys do not have knowledge about how to divide cryptocurrencies. This lack of knowledge could lead to long-drawn-out divorce proceedings because it is difficult to divide the fluctuating cryptocurrency values. Plus, a clever spouse can find ways to hide cryptocurrency holdings. Calling in the expertise of a digital forensics expert may lead to the hiding place. But the tactic produces more expenses.

Attempting to locate hidden cryptocurrency accounts is another problem lawyers face when confronted with high-asset division in a divorce. Trying to find cryptocurrencies takes time. Plus, the process is not inexpensive. But it is easier to locate cryptocurrency assets if a spouse made online purchases. Still, a savvy cryptocurrency holder knows how to hide evidence. A spouse who hides assets from the other spouse may face prison if divorce proceedings reveal the truth.

Dividing cryptocurrencies becomes difficult and challenging for both spouses. Values are more volatile than common stocks. Common practice involves recording monetary values of all assets when the couple files their divorce papers. Some attorneys think the law needs to change the practice to reflect the distribution date. Spouses requiring high-asset division in divorce should contact an experienced family law attorney. Dividing cryptocurrencies presents challenges for high-net-worth spouses. A divorce lawyer can help clients who want to make sure they receive correct allotments.

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