Crypto Currency Joins the Top of the List in Divorce Wars

You may have thought you knew all the issues that divorcing couples find to fight over, but did you ever think it would be Bitcoins? The ethereal cryptocurrency may now be part of the divorce settlement and one more thing to battle for.

Current estimates are that 27 million people, 8.3% of the U.S. population, own cryptocurrency---19% of the owners are males and only 10% are females. Spouses are often able to equitably split their assets, but purchase of cryptocurrency has led to attempts by some to hide these assets from the other spouse. Especially if the purchase has proved lucrative.

Know Your Digital Assets

In California, a community property state, and requires that all community property is split 50/50. Digital assets are often included as part of the couple’s community property. Digital assets can include videos, music, movies, e-books, and high-value digital files on your computer.

Cryptocurrencies such as Bitcoin and Ethereum are also considered digital assets.

California law requires couples to disclose 100 percent of their digital assets during divorce. It is illegal to knowingly try to conceal digital assets and can lead to criminal penalties if not followed. Many couples can find common ground in division of property for the benefit of both husband and wife. If you and your spouse can decide the division of property that is agreeable to both, you will remain in control of your assets including digital assets, NFT’s and cryptocurrency.

We Can Help

Valuing Bitcoin or another cryptocurrency can be complicated as it can be difficult to value and track. Unfortunately, some spouses have been known to try hide the trail of their purchases in a digital wallet or find other illegal means. You may want to consult with a knowledgeable financial specialist or mediator prior to making your decision on distribution of assets, especially if you are having difficulty valuing your cryptocurrency, or suspect that your spouse might be holding back information on purchases.

At A Fair Way Mediation our goal is always to achieve a positive outcome for spouses and families. We believe most people would rather have a problem free divorce that satisfies both spouses rather than a contentious one that leaves everyone unhappy. For over 30 years, A Fair Way Mediation has been helping couples with relationship issues to negotiate a positive resolution to their issues. Our mediation experience includes success with domestic partnerships, traditional marriages, same sex marriages, military marriages, and alternative relationships. Our mediators are skilled in the technologies of virtual mediation and will guide you carefully through the process. Mediation works equally well for non-criminal disputes such as landlord tenant, family, and HOA issues. We have successfully mediated issues throughout Palm Springs, Riverside County, and San Diego.

Our offerings include Zoom, Skype, video chat and in-person sessions. Mediation is a voluntary process and both parties in the relationship must be willing to try mediation. Our free 30-minute consultation with both parties involved, will help you decide if you want to try mediation. For a free evaluation, call us at 760-227-5090 or 619-702-9174, or complete an online request at www.afairway.com. Offices in Coachella Valley and San Diego.