Cryptocurrency is becoming a more and more popular way to invest your money. Consequently, divorces involve cryptocurrencies more than ever before and sometimes the asset values can be quite high. To understand how those assets are divided, it is important to understand exactly what cryptocurrency is.
In short, it is a digital currency in which encryption techniques are used to regulate the generation of this currency and verify the transfer of funds, operating independently from an actual bank. Some examples of cryptocurrency include:
Just like other unique assets, cryptocurrency is subject to equitable division by the court. Cryptocurrency may also more likely an asset that is hidden by one spouse from the other, but it can usually be found if one does a careful review of financial statements, tax returns and credit card statements. An expert may be required to determine the value of the cryptocurrency if it has not already been converted to U.S. dollars or if the parties are unwilling to agree on a value. Valuing cryptocurrency can be difficult and complex due to daily fluctuations of value and nature of digital funds themselves.
If you find yourself or a loved one are involved with a divorce with unique assets and need the advice and counsel of an experienced attorney, please call OWENS & PERKINS at480.630.2464 to schedule your free 30 minute consultation.