Divorcees are increasingly referring to their former partner having cryptocurrency, but often people don’t know exactly what it is.
Cryptocurrency is a digital currency that can be used to buy goods and services and can be traded online like any other investments. A popular example is Bitcoin.
In any divorce, both you and your former partner must disclose all of your assets, including your digital assets, so cryptocurrencies need to be disclosed too.
How Will Cryptocurrency Affect My Financial Settlement?
If your former partner uses cryptocurrency, you might be entitled to some of its value or you might be able to offset it for another asset.
For example, if you don’t use cryptocurrency but you know your former partner does, then you could suggest they keep the total value of their cryptocurrency but you will take another asset. Or you could take a portion of the cryptocurrency yourself or its equivalent value.
What if My Former Partner is Hiding Cryptocurrency?
If you think your former partner is hiding their cryptocurrency away then you should get legal advice to find out what you can do depending on your situation.
One of the challenges with this type of asset is that it can quickly change hands and the value can go up or down very quickly. Because it has no physical element and there’s no bricks and mortar bank for cryptocurrency, it can be hard to prove that someone uses it.
Proving that your former partner has cryptocurrency will depend on if you have evidence or not.