As if divorcing couples didn’t have enough to bicker about, Fortune recently acknowledged that Bitcoin might serve as yet another issue to add to the mountain of troubles separating couples have to resolve. As you may have been hearing, Bitcoin, which is a form of cryptocurrency, has made a name for itself as of recently, even though it has been around for years. Bitcoin has risen in value significantly since it was first introduced to us and now, it may be a big problem for those who are divorcing and need to split their assets.
According to one divorce lawyer, “Often in divorce one spouse is looking for a pot of gold that doesn’t exist.” Many people who divorce are generally looking to get a large return from it seeing that they devoted their time, money, and effort into their marriage. While investments, bank accounts, and other assets can’t exactly be hidden when the topic of dividing assets presents itself, Bitcoin can. Although it would be unethical for a spouse to hide this, unlike other assets, Bitcoin can be untraceable if it is taken offline and placed on a USB. If one spouse were to do this, their digital wallet would be harder to trace. And if they chose not to disclose any details about how much they have in this “wallet,” it would only make the divorce process more complex.
Aside from knowing whether a spouse is trying to hold out on their soon to be ex and keep their Bitcoin fortune for themselves, we also have to take into account the fact that the value of the Bitcoin itself fluctuates. In December, Bitcoin was valued at $20,000 and then in less than two months, it dropped to $6,000. This means that the value could change during the divorce process which would only make it more difficult to put a value on the amount that should be divided. In all actuality, it would be rather difficult to split this cryptocurrency because if at the initial stages of the divorce it was valued at one amount and towards the end its worth has dropped, the paperwork and terms of the divorce would have to be revised. Clearly, this brings up yet another concern for divorcing couples which is only one of the reasons why it is essential for those who are filing for divorce to hire a Fort Lauderdale divorce attorney to help with the process.
Get the help you need when you have a challenging divorce ahead of you
With these new challenges involving Bitcoin and the many others that have made divorcing harder on couples, there is no doubt that having support along the way can help reduce the stress involved in the process. One of the professionals who can provide you with the support and advice you will need is a Fort Lauderdale divorce lawyer. And if you are currently seeking legal aid or wish to learn more about the benefits of hiring a lawyer, contact USAttorneys.com today. We work closely with top performing divorce lawyers who truly care about their client’s needs and will work their hardest to ensure a favorable outcome is attained.