Marital property is going to get divided up in the divorce. These days that means that even cryptocurrency is on the table when you are splitting everything up. If you or your spouse has cryptocurrency, it’s important to realize that this is going to be part of the deal. It’s also important to know that cryptocurrency can sometimes be difficult to track compared to other assets. A Tazewell County marital property lawyer from our firm can help you and your spouse deal with this relatively new type of asset fairly.
What is Cryptocurrency?
Cryptocurrency, often referred to as just “crypto,” is a digital currency. It’s not backed up by a bank or by any country’s government. You may have heard of bitcoin, but there are some other popular types of crypto as well. We don’t want to get too into the weeds here, so these are just the basics.
If you or your partner have invested in cryptocurrency, you’ve probably seen it fluctuate in value. Whether you plan to sell it or hold onto it, it’s going to split up when you divorce. It’s important to figure out how you will deal with that.
Is Crypto Split Between Spouses?
If an asset was gained during the marriage, then it will be divided up during your divorce. This is true for cryptocurrency, and the value it has gained since you invested, as well. You could see the cryptocurrency split 50/50, with each spouse getting their fair share.
However, in some cases there is just one spouse who has invested in crypto. They often want to keep it in the hopes that their investment will continue to grow in value. This is certainly a possibility and something that we can help you fight for. If you wish to keep all of your crypto, you should expect to give up other property that is roughly equal in value.
Could My Spouse Be Hiding Cryptocurrency?
Another thing to be concerned with during a divorce is whether or not your spouse is hiding cryptocurrency. Because this asset is harder to track, some are tempted to lie and skate through the property division process without disclosing it. However, you should know that disclosing all of your assets is a requirement during a divorce. If you are thinking about hiding crypto or any other assets, we do not recommend it. If you suspect that your spouse is hiding cryptocurrency, we can help you get to the truth.
Contact Our Law Firm
If you are going through a divorce, it’s important to have someone on your side who can advocate for you. We can help you pursue a fair property division arrangement. Contact Butler, Giraudo & Meister, P.C. to schedule a consultation and learn more about what can be done.
