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Guiding People Through Divorce With Grace And Dignity For More Than 30 Years

Guiding People Through Divorce With Grace And Dignity For More Than 30 Years

Cryptocurrency playing a bigger role in divorce cases

On Behalf of | Jan 5, 2022 | Family Law |

When you and your Connecticut husband or wife make the decision to end your marriage, you want to make sure you do your due diligence when it comes to making sure you receive everything due to you in the split. Increasingly, former couples navigating divorce are having to deal with cryptocurrency, which is a type of digital currency that circulates without the aid of a traditional bank.

Because cryptocurrency is relatively new, there is not much of a precedent when it comes to how to handle and divide it in your divorce. If you or your spouse currently own digital currency, you may encounter the following challenges while navigating your divorce.

Finding the cryptocurrency

Some spouses use cryptocurrency to hide assets because this type of currency may prove difficult to track or find. If you feel as if your spouse is not being forthcoming about what he or she owns, you may need a forensic accountant to do a deep dive into his or her online actions and accounts.

Evaluating the cryptocurrency

Even if your spouse is upfront about owning cryptocurrency, you may find it hard to determine its worth. Cryptocurrency is volatile and its value may undergo rapid change from day to day and week to week. You may need to split it up using formulas or percentages, rather than set dollar amounts.

Finding and evaluating cryptocurrency may take some time and effort. Yet, it may, too, hold high value, making your efforts and those of your legal team worthwhile.