You may have thought you knew all the issues that divorcing couples fight over, but did you ever think it would be Bitcoins? The cryptocurrency may now be part of the divorce settlement and one more thing to battle for.
Current estimates are that 27 million people, 8.3% of the U.S. population, own cryptocurrency – 19% of the owners are males and only 10% are females. Spouses are often able to equitably split their assets, but purchase of cryptocurrency has led to attempts by some to hide these assets from the other spouse.
Know Your Digital Assets: California, a community property state, requires that all community property be split 50/50. Digital assets are often included as part of the couple’s community property. Digital assets can include videos, music, movies, e-books, NFTs and high-value digital files on your computer. Cryptocurrencies such as Bitcoin and Ethereum are also considered digital assets.
We Can Help: You may want to consult with a knowledgeable financial specialist or mediator prior to making your decision on distribution of assets, especially if you are having difficulty valuing your cryptocurrency, or suspect that your spouse might be holding back information on purchases.
At A Fair Way Mediation Center, our experience includes success with domestic partnerships, traditional marriages, “gray” divorce, same sex marriages, military marriages and alternative relationships. Mediation works equally well for non-criminal disputes such as landlord-tenant, family and HOA issues.
Mediation is a voluntary process and both parties in the relationship must be willing to try mediation. Our free 30-minute consultation (either virtually or in-person), with both parties involved, will help you decide if you want to try mediation.
For a free evaluation, call 760-227-5090 or complete an online request at www.afairway.com