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During this time of social distancing, the Law Office of Marla Zide, LLC is offering both phone and video conferencing options for meetings and consultations. You will be able to contact us via phone during regular business hours to schedule.

Cryptocurrency playing a bigger role in divorce cases

On Behalf of | Nov 17, 2021 | divorce, high asset divorce

In a Maryland divorce, you may find that some assets are easier to divide than others. For example, you may be able to split any equity you have in your once-shared home with relative ease. However, you may find it more difficult to figure out what you share is when it comes to digital currency.

According to CNBC, cryptocurrency comes in many different forms, and some married individuals have no knowledge of whether their spouses own any of this type of currency. However, the digital currency may hold quite a bit of value, so it is not something you should ignore if you suspect your husband or wife has some. While cryptocurrency continues to play a bigger role in today’s divorces, you may encounter the following issues when it comes to handling cryptocurrency in your own split.

Finding it

It may take more than simply asking to figure out if your spouse has digital currency. If he or she is not forthcoming about it, you may need to work with a forensic accountant or similar professional who might be able to dig deeper into your spouse’s online finances.

Placing a value on it

Once you identify that your spouse does, in fact, have a digital currency, you need to figure out what it is worth. However, this type of currency is volatile and prone to fluctuation from one day to the next, so figuring out how much should go your way may take some work.

Once you find cryptocurrency and place a value on it, the next step involves figuring out how to transfer said digital currency from one of you to the other.