If you are getting divorced in California and you or your spouse own cryptocurrency, you most likely have a lot on the line. Our firm has extensive experience assisting individuals who own cryptocurrency through every step of the divorce process, and we know we have what it takes to do the same for you, too. Please continue reading and speak with our knowledgeable Los Angeles divorce attorneys to learn more about property division and how it may incorporate any cryptocurrency you or your spouse own. Here are some of the questions you may have:
How do California courts determine who gets which assets in a divorce?
When a couple gets divorced, their assets will generally be subjected to equitable distribution. You should understand, however, that in most cases, “equitable” does not mean “equal.” Instead, it means something more along the lines of what the court considers to be a fair and just distribution of assets. All marital assets are subjected to equitable distribution. Marital assets are assets that were acquired during a marriage. This means that if you own cryptocurrency and it was acquired during your marriage, there is a very good chance that it will be included in the equitable distribution process.
How is cryptocurrency divided in a California divorce?
If you or your spouse owns cryptocurrency, you should have an idea about how California courts will consider those assets when entering the equitable distribution process. In many cases, cryptocurrency does not require the use of a third-party financial institution to hold or transmit the assets, which can make matters more complicated, as this can make these assets easier to hide or cover up. During your divorce proceeding, your attorney can formally request all documentation regarding cryptocurrency, and from here, your attorney will review various financial statements to look for any cryptocurrency-related transitions. This is because if your spouse owns cryptocurrency and you do not, you may be entitled to a portion of assets in the form of cryptocurrency.
Furthermore, in certain cases, if we determine that your spouse was dishonest about the cryptocurrency he or she owns, it may warrant a fraud on the marital estate. From here, the cryptocurrency must be valued for equitable distribution, which is notoriously complicated, as it is frequently subject to extreme fluctuations in value. For this very reason, you need an experienced team of California divorce attorneys on your side who has frequently dealt with cryptocurrency in divorce. We are here to help. All you have to do is ask.
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.