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Learn more about how to deal with cryptocurrencies in a divorce, from our specialist divorce solicitors. 
Here at MG Legal, our divorce solicitors are becoming increasingly aware of the growing issue of cryptocurrency assets in divorce proceedings. With more people that ever using the liked of Bitcoin and other cryptocurrencies, and the industry bursting onto the mainstream financial market, it is becoming more common for these cryptocurrency assets playing a role in divorce proceedings, and financial agreements between spouses. 
 
In this blog, our divorce solicitors have ran through the presence of cryptocurrencies in divorce proceedings, the issue of assets being hidden in cryptocurrencies, and how our specialist divorce solicitors can help guide you through the divorce process involving cryptocurrencies. 

Should cryptocurrency be included in a divorce settlement? 

Yes. If one of the spouses in a divorce proceeding has assets held in the form of cryptocurrencies, this should from part of their final financial settlement, and be included in the assets to be divided in the divorce proceedings. 
 
When you are gathering all of your assets to be declared as part of the divorce settlement, you must include these cryptocurrency assets. There have been a few cases and divorce disputes regarding whether or not cryptocurrencies should be considered as property or assets during divorces. Obvioulsly, the party with the cryptocurrency, has not wanted this to form part of any divorce settlement.  
 
However, our divorce solicitors have been closely following the presence of cryptocurrency assets in large scale commercial law disputes, and would gather from these cases that cryptocurrency should always be included in divorce proceedings as a form property, and should be accounted for in the final divorce settlement. 

How do I know if my ex is hiding cryptocurrency assets? 

One of the biggest problems when it comes to managing and handling cryptocurrencies, is that they can quickly and easily change hands, and can easily change in value in a short period. This means that there are a growing number of divorce cases where spouses attempt to transfer and move around their cryptocurrency assets in a confusing way, and in doing so try to hide their assets or disguise their true value. 
 
With cryptocurrencies being so new, and so few people really understanding how they work, many people think that this is an easy task to do, and that they will never get caught hiding cryptocurrency assets in this way. 
 
When this happens, and there are concerns about a spouse trying to hide assets from their spouse during a divorce, you need the help of a specialist divorce solicitor, who can attempt to obtain an injunction from the court to try and freeze their assets, and prevent them from hiding cryptocurrencies or transferring them to their friends. 

How are cryptocurrency assets controlled? 

Cryptocurrency should be disclosed in a divorce settlement, and a duty exists for a spouse to provide a full disclosure of all digital assets during the divorce proceedings. 
 
Upon the creation of the financial order solidifying the divorce and the separation of assets, these cryptocurrencies could either be divided, or be sold by the Family Court as part of the financial order. 
 
However, our specialist divorce solicitors must admit that the control and ownership of cryptocurrencies can be difficult, being controlled by a ‘private key’, much like a USB, which can allow them to be accessed. 

How can cryptocurrencies be tracked? 

As previously mentioned, the selling and transferring of cryptocurrencies can be difficult to track, and there are no paper trails left behind from these sales and purchases, or central register to find Records of the transactions. 
 
Older, more established cryptocurrencies, such as bitcoin, are now becoming easier to track. However, if a spouse is trying to hide their assets in cryptocurrencies, they might instead opt for a more anonymous form of cryptocurrency, such as zcash, PIVX, or verge. 
 
If you are going through a divorce settlement, and are looking to track your spouse’s assets or concerned that they may be attempting to hide their assets in cryptocurrencies, then you may be considering the official tracking of these assets with a digital forensic expert. 
 
This could be a worthwhile option, depending on the value of your divorce settlement, and how much the process of hunting for the hidden cryptocurrencies might cost to do. 
 
If you are looking to work with a specialist divorce solicitor for your divorce proceedings involving cryptocurrencies, and discuss your options with tracking the assets, then contact our divorce solicitors online today, and hear back from us the same working day. 

The future of cryptocurrencies in divorce proceedings: 

With cryptocurrencies becoming much more popular and relevant in today’s society, our divorce solicitors know that they will become increasingly relevant in divorce proceedings in upcoming years. 
 
Our divorce solicitors are keeping a close eye on this, and how cryptocurrencies are handled in divorce settlements, so that we are well-informed and ready to go when dealing with cryptocurrencies and digital assets in our client’s divorce proceedings. 
 
To speak to a specialist divorce solicitor today about your particular needs, and how we can help with your divorce, then contact us online today and speak to a divorce solicitor the same working day. 
Tagged as: Divorce
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