Most divorces in Massachusetts include some negotiating, if not downright battling, over how money and other assets will be divided after the divorce. Cryptocurrency is changing the way that these negotiations take place. Part of this change is due to the nature of cryptocurrency.
These currencies are encrypted and move around in a largely unregulated market. This makes finding a divorcing individual’s cryptocurrency investments, as well as determining the value of these investments, difficult. As a result, divorces involving large amounts of cryptocurrency assets have become more complicated and take longer.
When they were first introduced in 2009, they were not considered mainstream. However, when the price of Bitcoin skyrocketed to $20,000 per coin, people started to pay attention. Since that time Bitcoin has lost much of that value, but a considerable amount of people are still investing in it. As of 2018, approximately five percent of the American population owned cryptocurrency.
As interest in cryptocurrencies grow and as their use becomes more commonplace, legal experts are going to have to educate themselves on this asset in order to keep up. It is likely that training will be needed to help divorce attorneys understand the way these assets work as this will allow them to provide better assistance to their clients. This training will also need to extend to forensic accountants as many of them are just starting to understand what cryptocurrencies are and how they function.
If an individual is going through the divorce process and is suspicious that their spouse has hidden cryptocurrency wealth, or they are dealing with other financial issues associated with the divorce, they may decide to speak with a family law attorney. A family law attorney might be able to provide direction and guidance on laws pertaining to joint accounts, property division, determining the value of property, as well as other financial matters connected to divorce.