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Cryptocurrency playing a bigger role in divorce cases

On Behalf of | Mar 4, 2022 | Divorce |

When your Tennessee marriage ends, part of the divorce process involves asset division, and there are certain steps you may want to take to help ensure you receive your fair share. More and more, one or more parties in a marriage are using cryptocurrency, or digital currency, to hide assets from their partners. This is creating new challenges in many modern divorces.

Per CNBC, an estimated 20 million Americans now hold cryptocurrency in some capacity. However, because cryptocurrency is pretty new, there is not much of a precedent set when it comes to how to handle it when a marriage ends. For this reason, many people in your shoes are encountering the following cryptocurrency-related challenges amid divorce.

Finding the digital currency

If your spouse does not want you to know he or she has cryptocurrency, it may take some work to uncover it. Depending on your knowledge of computers or accounting, you may want to have a forensic accountant or similar professional do some digging to see what your spouse has.

Placing a value on the digital currency

Once you find your spouse’s cryptocurrency, you then have to figure out its value and how to split it appropriately. However, the value of cryptocurrency changes often, so you may need to split it using formulas or percentages, as opposed to giving each party a set dollar amount.

Transferring the digital currency

Once you find and place a value on any digital currency your former partner owns, you then have to determine how to move some of it from your ex’s accounts to your own.

Digital currency adds an undeniable layer of complexity to your divorce. However, because it holds value, your efforts may prove well worth it.