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Problems cryptocurrency cause in divorce cases

Dividing assets can always be problematic in Ohio divorces. However, it may be even more challenging when one or both parties own cryptocurrency. Splitting digital currencies is complicated because it can be difficult to determine how much they are worth at any given time. The value of a digital coin may fluctuate rapidly over short periods of time.

Generally, this type of asset is split based on its value on the day the divorce case is filed. In some cases, the coin's value on the date of withdrawal is used to determine its value in a divorce case. It is also relatively easy to hide or obscure the fact that a person owns this type of asset. For instance, someone could make a purchase directly from another individual and hold it offline. Doing so makes it almost impossible to determine who its true owner is.

However, if a currency was purchased through an online exchange or is held online, it may be easier to find out who it belongs to. If an individual is caught hiding assets, it could result in significant penalties being levied. These penalties may range from spending time in jail or ceding a larger share of marital assets to a former spouse.

Those who are going through a divorce may want to reach out to legal counsel. An attorney could help resolve property division or other issues that could arise. Legal counsel may also know who to turn to if an individual believes a spouse is hiding assets. This could make it possible to discover them or find compelling evidence that they have been hidden. Ultimately, a soon-to-be ex may receive a better settlement by doing so.

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Kroener Hale Law Firm
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