Tampa Divorce And Cryptocurrency

Not too long ago, cryptocurrency was viewed as an unconventional investment choice. But in recent years, cryptocurrency has become more mainstream. Because of this, assets are also becoming an increasingly important issue in divorce cases.

If you are in the midst of a divorce in Tampa and you or your spouse have invested in cryptocurrency during the course of your marriage, it’s important to understand how these assets will be treated during a divorce. Additionally, uncovering any hidden assets could be part of the process. Talk to a Tampa family lawyer to have your specific situation reviewed.

Asset Division and Cryptocurrency

In Florida, all marital assets are subject to equitable distribution in a divorce. This means that all assets acquired during the marriage will need to be divided fairly between the two parties, regardless of whose name is on the asset. When this process happens, cryptocurrency is treated as any other asset in a divorce, meaning that it is subject to asset distribution.

While the concept is clear, the division process can be messy, and dividing cryptocurrency can be a complex process. One of the challenges to dividing cryptocurrency is determining its value as cryptocurrency’s worth can be volatile. Rapid fluctuations make it difficult to determine its worth at any given moment. In addition, not all types of cryptocurrencies are equal in value.

To ensure a fair division of cryptocurrency assets, valuation must be done correctly. To have help with this process, work with a knowledgeable divorce lawyer who understands the intricacies of cryptocurrency asset division. Because seasoned attorneys work with financial experts in the field, they can access expert analysis to accurately determine the value of the cryptocurrency. Then, equitable division is in reach.

Different Types of Cryptocurrencies and Hidden Assets

There are hundreds of different cryptocurrencies in circulation, but some are more popular than others. Here is a list of some of the most well-known cryptocurrencies:

• Bitcoin (BTC)
• Ethereum (ETH)
• Binance Coin (BNB)
• Cardano (ADA)
• Dogecoin (DOGE)
• XRP (XRP)
• Polkadot (DOT)
• Chainlink (LINK)
• Bitcoin Cash (BCH)
• Litecoin (LTC)

One of the challenges with cryptocurrency is that it has a history of being transferred through undocumented paths. Because unlike traditional bank accounts or investments, cryptocurrency can be stored within digital wallets, and some of these wallets are more traceable than others. Some cryptocurrency assets need to be uncovered in order for them to be assessed properly as part of a divorce agreement.

If you suspect your spouse is hiding cryptocurrency assets, talk to an experienced Tampa family lawyer about uncovering hidden assets. Depending on your situation, bringing hidden assets to light could be possible through a thorough review of financial records or working with experts to identify any digital resources.

Is cryptocurrency part of your marital net worth? If you are going through a divorce in Tampa and have questions about how cryptocurrency will be treated during asset division, it’s important to work with an experienced divorce lawyer. Speak to the legal team at Blair H. Chan, III. Call 813-280-5301 to schedule a consultation.