Divorce And Cryptocurrency Assets
Couples who are divorcing in the state of Florida may be faced with the challenge of deciding how cryptocurrency assets will be distributed. Because while cryptocurrency is not legal tender, it does have value and can be used for purchases. Some families have quite a bit of their family wealth in cryptocurrency, and as a result it will be treated as property when it comes to asset distribution during a Florida divorce.
While there is no set legal precedent for cryptocurrency asset distribution in Florida, it is typically handled the same way other monetary assets, such as cash and stocks, are when a couple moves to divorce. When you meet with a West Palm Beach family attorney, they can review your situation and determine a strong path forward. For some, this may include selling the cryptocurrency and dividing the cash that was collected as a result of the sale, for instance.
Different Forms of Cryptocurrency
A type of digital or virtual currency, cryptocurrency is encrypted in a way that makes it incredibly difficult to counterfeit. Cryptocurrency is decentralized, it is not issued or maintained by any central authority. This means it is a currency that exists outside of government oversight. Popular digital crypto assets include the following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- EOS (EOS)
- Binance Coin (BNB)
- Stellar (XLM)
- Litecoin (LTC)
- Ripple (XRP)
- Cardano (ADA)
- Tether (USDT)
Bring any information you have about digital assets to the attention of your Florida divorce attorney so they can be included in your asset and debt distribution plan. And if you are not sure of what cryptocurrency your spouse has purchased over the course of your marriage, alert your attorney to the possibility of hidden assets. There are ways for assets to be uncovered and identified, even when a person is attempting to shield them because they are hoping to retain the profits for themselves.
Share Your Crypto Concerns with a Florida Attorney
Whether you are aware of cryptocurrency assets, suspect hidden coins, or are worried about selling cryptocurrency now because you believe it will be worth more in the future, a legal professional can talk you through your divorce settlement options.
Financial negotiations can become heated when a couple is determining who gets which assets and why. You do not have to participate in discussions if you and your spouse are unable to effectively communicate. Instead, share your top objectives with a West Palm Beach family attorney, such as your desire to retain cryptocurrency or sell it to distribute the cash, and they will fight to make your goals a reality.
Do you and your spouse own a large amount of cryptocurrency? To be sure you reach a full and fair Florida divorce agreement, all assets will need to be assessed, including forms of cryptocurrency. Asset and debt distribution is a key component of divorce negotiations. When you share your story with the legal team at Bruce S. Rosenwater & Associates, they will inform you of possible avenues to resolution. Book your free initial consultation today.