Cryptocurrency playing a bigger role in divorce cases

Cryptocurrency playing a bigger role in divorce cases

On Behalf of | Mar 15, 2022 | Property Division |

A growing number of Texas residents and Americans now own cryptocurrency, and if you believe the person you are divorcing is among them, it may serve you well to get to the bottom of things. While digital currency may hold considerable value, it is also a relatively new issue in divorce cases. As a result, you may encounter certain challenges when it comes to handling any digital currency your spouse may have.

According to CNBC, many people navigating divorces face the following hurdles when it comes to cryptocurrency.

Finding it

If your spouse is not forthcoming about having digital currency but you feel as if he or she does have some, you may need to have a forensic accountant step in to do some research and find out more. A forensic accountant may be able to help you find cryptocurrency your ex is trying to conceal by accessing online accounts you may not be able to access.

Evaluating it

After finding cryptocurrency, you have to figure out how much it is worth. However, the value of digital currency may fluctuate based on supply and demand, so you need to take this into account when figuring out how to split its value.

Transferring it

You may also face challenges in terms of moving cryptocurrency from your ex’s accounts to your own. Many cryptocurrency exchanges maintain small staffs, and this may complicate matters if you need someone to help you transfer cryptocurrency out of your spouse’s accounts. For this reason, you may need a financial professional to assist you.

Dealing with digital currency in a divorce may take some time and effort, but neglecting to do so may result in you facing notable financial losses.