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How can cryptocurrency affect my divorce?

On Behalf of | Jun 16, 2021 | Property Division

For many people, cryptocurrency might still seem like something from the future. Even so, a recent study reports that nearly 46 million American adults own shares of the digital currency Bitcoin, which is the most popular form of cryptocurrency. There are several other forms of cryptocurrency and the number of people who invest and own cryptocurrency is increasing.

People don’t have to be expert traders to own cryptocurrency, but even a small investment is significant. The value varies, but one Bitcoin can be equivalent to roughly any amount between $30,000 and $60,000. As more people choose to invest in cryptocurrency it also becomes a more common issue during divorces.

Two primary concerns surrounding cryptocurrency and divorce

There are two issues you should look out for if you are considering a divorce:

  • Property division concerns: Cryptocurrency is a complex asset. Therefore, it is also a complex asset to divide. It is still subject to marital property laws if it was acquired during the marriage.
  • Worries over hidden assets: Some people attempt to hide assets during their divorce using cryptocurrency. Some spouses secretly transfer finances into Bitcoin to keep it out of the property division process.

If you own cryptocurrency or know or suspect your spouse does, you should know how to manage these assets properly.

Preparing for property division in your divorce

Protect your financial future by staying on top of your family finances. As with any marital assets in a North Carolina divorce, it is important to:

  • Organize all of your financial records and accounts
  • Take a detailed inventory of your separate and marital assets

The future you are protecting is your own. Speak with an experienced family law attorney to learn more about how ownership of cryptocurrency may impact your case.