Cryptocurrency playing a bigger role in divorce cases

On Behalf of | Dec 22, 2021 | Blog, Divorce

When you and your Minnesota spouse make the decision to split, you need to work through the process of asset division to ensure you both walk away with your fair share. These days, cryptocurrency is becoming more and more of an issue in divorce cases, with some spouses attempting to use it to hide assets.

According to CNBC, an estimated 20,000 Americans currently own digital currency. If you are navigating a divorce and know or suspect that your spouse owns cryptocurrency, get ready to navigate the following potential challenges.

Finding cryptocurrency

The digital nature of cryptocurrency may make it hard for you to find. If your spouse does not own up to having it but you know or believe he or she does, consider hiring a forensic accountant or similar professional who may know where and how to find it.

Placing a value on cryptocurrency

Evaluating cryptocurrency is another hot-button issue in modern divorces. The value of digital currency may change quite a bit over time, so you may need to come up with a way to divide its worth using percentages, as opposed to set dollar amounts.

Moving cryptocurrency

Another issue you may encounter when it comes to dealing with cryptocurrency in your divorce involves figuring out how to move some of it from your spouse’s online accounts to your own. Many cryptocurrency exchanges only have a few people on staff available to handle such requests.

While it is true that finding, evaluating and moving cryptocurrency may take time and effort, it may hold quite a bit of value, making the time you and your legal team spend doing so worthwhile.