Cryptocurrency can affect divorce court

|March 19, 2019 | divorce, Firm News

Most people who have gone through a divorce will likely tell you it is a painful process. It is difficult to accept that your relationship has changed so drastically. And it might be hard to wrap your mind around how this happened to you.

Matters of child custody arrangements and property division might be difficult to navigate. However, if cryptocurrencies are involved, your disputes could get increasingly complex.

What does crypto have to do with your marriage?

Many people are not yet personally involved with cryptocurrencies such as Bitcoin. However, those who hold these blockchain-based currencies are generally interested in them for a variety of reasons, many of which could potentially make them difficult to uncover in a divorce dispute.

Reasons why your spouse might be interested in cryptocurrencies include:

  • Instant transfers – Rather than wait for a third party, such as a bank, to approve a transfer and process the movement of funds, cryptocurrency can change ownership immediately.
  • Decentralized networking – Crypto is not controlled by a central authority or government entity.
  • Anonymity – You can privately buy and sell crypto, which makes many transactions difficult to trace.

Perhaps you do not have any interest in virtual currency. However, that is not to say that your spouse has not invested.

You might want to include a cybersecurity expert

Many couples fight over money during the divorce process. And you might think you know what your marital assets are. This is where cryptocurrencies could be an issue.

For some, technological advances in digital funds may provide a way to hide assets. If you believe your spouse owns virtual tokens or coins, you might choose to involve a cybersecurity expert to help in the valuation of your marital estate.

Remain informed about your assets

Although specific laws regulating crypto in a divorce settlement are not yet established, government agencies are working toward gaining an understanding of cryptocurrencies and how they can regulate them. However, as you work toward a resolution regarding your property division, you might want to be sure you first understand what your marital assets include.

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