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How Bitcoin can complicate a divorce
How Bitcoin can complicate a divorce

How Bitcoin can complicate a divorce

On Behalf of | Dec 28, 2017 | Firm News |

Florida residents who have invested in Bitcoin may own a valuable commodity. Therefore, it stands to reason that a spouse may want a portion of its value when it comes time to end a marriage. However, it may not be clear-cut as to how Bitcoin or other cryptocurrency should be divided. For instance, a spouse may claim that he or she is entitled to the value of the currency today.

The other spouse may contend that it should be divided based on what it was worth at the time of purchase. It is also possible that a spouse could offer to make a lump sum payment to waive their rights to future gains the currency may make. In such a scenario, it could be hard to tell until months or years into the future if such a deal is equitable or not.

Individuals may need to consider that keeping track of how much Bitcoin a person has may not be an exact science. There have also been cases in which Bitcoin has been used to hide assets or give them away before a divorce. It may be difficult or impossible to show that a person didn’t lose his or her Bitcoin or other coins because of a scam as opposed to an outright attempt to deny property to the other spouse.

In a divorce, disputes related to property division may occur. This may be because certain pieces of property may be difficult to place a value on. If an asset is poorly understood because it has only emerged in recent years, there may not be enough case law to determine how it should be handled in a divorce. By talking with an attorney, an individual may learn more about how to preserve his or her rights.


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