As you may know, if you are going through the divorce process or you are about to, you most likely have many assets on the line. Especially when spouses do not have a prenuptial agreement in place, oftentimes, their assets will be subject to equitable distribution, should they ever get divorced. Assets at stake can include real estate, stock investments, vehicles, and more, and in today’s day and age, one of the more recent assets that may be at stake in a divorce is Bitcoin or other forms of cryptocurrency. Read on and reach out to our experienced Los Angeles divorce attorneys to learn about how cryptocurrency is generally divided in divorce and how our firm can work to protect what is rightfully yours. Here are some of the questions you may have:
What is the equitable distribution process and what may it mean for me?
When a couple gets divorced and cannot agree on the terms of their divorce, in most cases, their assets will be subject to equitable distribution. When this happens, the courts will break their property down into marital property and separate property. In most cases, separate property is exempt from equitable distribution, while marital property is not. Marital property typically includes all property acquired over the course of a marriage. Generally speaking, if you are someone who acquired Bitcoin or another type of cryptocurrency, there is a very good chance that those assets will be subject to equitable distribution.
How are Bitcoin and other types of cryptocurrency divided in a divorce?
In most cases, cryptocurrency does not need a third-party institution to hold or transfer assets, which, unfortunately, if you are seeking your spouse’s cryptocurrency assets, makes it a bit harder to proportionately distribute these assets, as these assets are easier to hide. However, a knowledgeable California divorce attorney who has experience handling cryptocurrency in divorces can formally request that all documentation regarding your spouse’s cryptocurrency be disclosed.
At this point, our legal team can examine all financial statements regarding the cryptocurrency and request that those funds be made available for equitable distribution. You should also understand that concealing assets during a divorce is a crime, and if your spouse is caught doing so, we may pursue a charge of fraud on the marital estate. If you have any further questions, please do not hesitate to give us a call.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.