All assets of a marriage are reviewed during a dissolution of marriage, including digital funds, as part of what is referred to as equitable distribution. Though not necessarily new, cryptocurrency has seen massive interest in recent years. You may have heard of Bitcoin, which remains the most popular format. While there are benefits to owning cryptocurrency, equitable distribution of assets during a divorce can become complicated when such is involved. That’s why you need by your side Ormond Beach attorneys who understand the changing landscape of finances as they pertain to a dissolution of marriage.
Much like stocks, the value of cryptocurrency can vary by the minute, and it is often difficult to determine a monetary value that can be used in your dissolution of marriage proceedings. Use the following information to learn more about how you can protect yourself and your loved ones during a divorce, when dealing with cryptocurrency.
Cryptocurrency Can Be Hidden
Similar to how one spouse could have an overseas bank account that is very difficult to track and trace, cryptocurrency, such as Bitcoin, can be seen by a spouse as a way to hide assets. Since these funds exist solely in a digital platform, identifying a “paper trail” might seem to be out of reach. That’s why it’s wise to partner with a trusted and reputable Daytona Beach divorce attorney who can help you ensure a fair and equitable division of assets, where you’re awarded a portion of all available funds and assets.
Cryptocurrency is Difficult to Track
As mentioned, the cryptocurrency market is volatile. What seems like a great financial outlook one day could become a totally different story by the next. You might not have the time or energy to track down changes to your former spouse’s accounts. However, a reliable divorce attorney in Daytona Beach can ask comprehensive questions and discover about the acquisition of cryptocurrency, activity and transfer, and the fluctuation of value for accounts owned during the marriage. Also, it is not uncommon to have a forensic accountant appointed by the Court to assist the spouse and the attorney in such discovery.
You’re already aware that the presence of cryptocurrency could complicate your divorce. Difficulty in tracking, and the general erratic nature can make getting to the bottom line seem like a daunting task. But it doesn’t have to be that way. Instead, you need and deserve a dependable advocate who can help you make sense of it all, and protect yourself and loved ones throughout the process.
Since 1983, we’ve been proud to represent Central Florida residents in a variety of legal areas. Along with dissolution of marriage and family law, we’re also focused on senior divorce, business and corporate law, criminal defense, and more. Contact us today to get started with your divorce case.
Posted: February 6, 2020