The terms Bitcoin, ETH Price Index, and Coinbase are relatively new in a divorce setting. Cryptocurrency is considered a property asset and divided between spouses in a divorce. The first step when Cryptocurrency is at issue is to have an expert determine the current value to be divided. Just like any other form of currency, Cryptocurrency can convert into dollars.
Many articles have been written about spouses using Cryptocurrency as an effective way to conceal assets in a divorce. Today, those articles would be wrong as someone who has the necessary knowledge and investigative tools can identify the owner of a Cryptocurrency wallet.
So, what is Cryptocurrency? It is a kind of digital currency that allows for highly secure transactions and can be used to make purchases; however, most owners of Cryptocurrency use it as an investment and make a profit through trades. As Cryptocurrency is not regulated, prices are often manipulated by speculators. The most common form of Cryptocurrency is Bitcoin, but there are other currencies on the market (Zcash, Litecoin) and investors can also simply purchase the ETH Price Index.
How do I know if my spouse has any Cryptocurrency? What you are looking for is access to your spouse’s portfolio to see if he or she has any Cryptocurrency. Anyone can see any wallet and all transactions associated with that wallet. The main problem is that the name of the person who owns the wallet along with the entities who received transactions from that wallet are hidden. Therefore, the most effective way to obtain this information is to hire an expert with the necessary skill set to identify your spouse’s Cryptocurrency and then assign a value to it. Before hiring the expert, you should ask yourself if the amount you are pursuing is worth the cost of the expert and the hassle involved in the process.
Once the expert is hired, he or she should be able to find proof that the Cryptocurrency exists, determine its value, and put you into a position to ask for your share of this marital asset. The expert can provide a written report, testify at a deposition, or trial to provide the Court with clear evidence of the Cryptocurrency and its value. After determining the value of the Cryptocurrency, it can be divided just like any other marital asset.
Having an informed, qualified attorney in court or at the negotiating table is the best way to protect your interests in a divorce. Should you need the advice of a divorce attorney or have questions or concerns about your situation, know that we are here to help and discuss those issues with you.