Bitcoin and Divorce
- AuthorAmy Foweather
The main point to take away from this blog is do NOT ignore cryptocurrencies such as Bitcoin which typically use blockchain technology to trade digitally.
I have known clients try to simply dismiss the fact that they think their spouse might have bought Bitcoin or other cryptocurrency and it has been laughed at as a ‘fad’ or something they are simply playing around with online. Dependent upon the amount purchased and when it was purchased, Bitcoin and a number of other cryptocurrencies have gained considerable value.
As the starting point to financial settlement within a divorce is disclosure, any cryptocurrency should be disclosed. This should then immediately result in discussions with your legal representative about seeking further details and an expert to assist.
However, some spouses may also try to keep any cryptocurrency a hidden asset. Whilst most purchases made in the last 12 months should show funds being paid to a cryptocurrency platform, any older purchases may get missed. With remote and online wallets, you could easily miss a substantial and valuable asset.
If you have a case where there is Bitcoin or any other cryptocurrency ensure that you seek legal advice. An experienced family law solicitor can talk you through what is needed and assist you through the process, which can be additionally complicated where cryptocurrencies are involved.