What to know about cryptocurrency and your divorce

On Behalf of | May 6, 2022 | Divorce |

When any couple gets a divorce, courts aim to divide their assets equally. Sometimes, one person does not wish to play fair and will hide monies.

Cryptocurrencies have made it easier to obscure wealth. Not all divorcing individuals who own crypto are buying in for unsavory reasons. Learn about this cutting-edge form of purchasing power before heading to divorce court.

Dividing cryptocurrency during divorce

Cryptocurrencies are financial assets like any other. It takes U.S. dollars to purchase them, and cashing out produces the same. Myriad forms of cryptocurrencies exist, the most popular being Bitcoin and Ethereum. Others include Ripple, Litecoin, Eos, Neo and Dogecoin.

Many find cryptocurrencies appealing because of their speculative nature. They can appreciate fast, although they are as likely to lose value. Someone buying crypto is not necessarily engaging in secretive practices. Someone open about buying crypto usually does not have nefarious motives.

Discovering cryptocurrency during divorce

That said, cryptocurrency offers a level of anonymity that deceptive individuals exploit. If you strongly believe your spouse is concealing assets, hire a forensic analyst. It is almost impossible to uncover cryptocurrency activity without deep technical know-how.

Only hire investigative professionals if the potential size of cryptocurrency accounts is significant. The cost of involving experts might outweigh the reward. The volatile nature of cryptocurrency valuations makes this tricky to determine. Attorneys familiar with the matter can help you come to a decision.

Cryptocurrency is a modern variable for divorcing couples. Make sure the topic receives attention when dissolving your marriage.

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