Cryptocurrency and DivorceBy Moskowitz Law Group, LLC |
One of the most crucial parts of the divorce process is discussing settlement. In a divorce, settlements are determinations on which spouse gets what regarding support, real property, personal belongings, child custody, and more. Usually, separating spouses will put their efforts into trying to get as much of the assets in the divorce as they can. These assets can include savings accounts, investments, and bonds.
Combined, these assets can amount to a high value. Typically, married couples will have many assets that may hold significant financial value worth fighting for in the divorce process. However, there are often many hidden assets in a marriage that are rarely analyzed during a divorce. One common example is cryptocurrency.
Increasingly popular in the United States, cryptocurrencies are digital currency sources that are overseen by cryptography, making them impossible to counterfeit. Like any other currency, cryptocurrency has monetary value.
For instance, Bitcoin is a widely used cryptocurrency that holds value and can be converted to US dollars. With Bitcoin, users can send and receive currency over the Internet. Bitcoin and other cryptocurrencies are potential assets in a divorce that may be extremely valuable and subject to division.
Settling on Cryptocurrency
Because of its financial value, it is important to know if a former partner owns cryptocurrency. Cryptocurrencies such as Bitcoin are often a marital asset that can be divided up between spouses in a divorce. If cryptocurrency is an asset in a divorce, it will need to be appraised to convert it to US dollars. Making this conversion is useful in calculating a spouses’s desired settlement amount.
Consult a Divorce Lawyer on Cryptocurrency Settlements
Divorce is never an easy subject, and dividing years’ worth of property and belongings can seem complicated and overwhelming. If you are going through this process, let an experienced attorney advocate for a fair share on your behalf. Certain assets such as Bitcoin often go overlooked in the settlement process, and you may be entitled to significant financial value through ownership of cryptocurrencies. The skilled legal team at Moskowitz Law Group could thoroughly review your divorce settlement and fight for the amount you deserve. Contact our office today.