Cryptocurrency During Divorce
Cryptocurrency is becoming increasingly popular among the general public, so it is reasonable to assume that it will also become a common marital asset that will need to be valued and divided like any other asset when couples go through a divorce. Continue reading to learn more about cryptocurrency in a divorce.
What You Should Know About Cryptocurrency and Divorce
In every divorce, spouses understand that property and asset division is a major step of the process. However, many are often surprised to find out how challenging this step can become, especially when complex assets like cryptocurrency are involved. Many still know very little about cryptocurrency and, unfortunately, savvy investors can use it to hide assets during a divorce. Therefore, it is crucial to hire experienced legal assistance who, with the help of other professionals, will ensure you do not miss out on your fair share of marital assets.
Cryptocurrency is a form of software or code that dictates how a unit of currency is produced and regulated. The most well-known type of cryptocurrency is the first of its kind, Bitcoin. There are also thousands of other types that may be earned or purchased, however. Much of cryptocurrency’s rise to popularity can be owed to the fact that it is not connected to any government, third-party bank, or brokerage and can be transferred anywhere in the world without regulation, fees, or third-party interference.
That said, cryptocurrency can seriously complicate a divorce because the numbers on a blockchain are untraceable without a private key, which is the password held by the owner. Without a private key, it is impossible to access the cryptocurrency or trace it to an individual.
If you are holding cryptocurrency, Non-fungible tokens (NFTs), or any other virtual assets, it is crucial to disclose all the necessary and relevant information when it comes to the value of your holdings. An attorney will be working with other professionals such as programmers and forensic accountants in locating hidden assets will know what to look for and, once you lose credibility in court, you will not be able to recover it.
Speak to an Experienced Divorce Attorney About Your Case Today!
If you are going through a divorce and you or your spouse have cryptocurrency, NFTs, or any other virtual assets, the knowledgeable legal team at Law Practice, Ltd. can provide the skilled legal guidance you need to protect your interests. With more than 30 years of experience and a proven history of successful results, you can rely on us to secure the best results for your case.
Reach out to our law office today at (702) 899-2875 to schedule a consultation with our divorce attorney to get started on your case.