Cryptocurrency is a form of financial asset that is stored digitally. Simply put, it is a form of money that exists in the digital world. With the continuous rise of the different cryptocurrencies like Bitcoin, Etherium, and the more recent one called Dogecoin, many individuals are attracted to buying these cryptocurrencies. This trend doesn’t escape couples who are financially savvy and are always on the lookout of investment options to diversify their financial portfolio.
But, as life has it, sometimes, it doesn’t work out as planned. Couples divorce and so, it might be worth asking how this kind of modern form of financial asset will be divided once the marriage has been petitioned for divorce.
For this article, we’re going to take a look at the different financial assets that could be affected by your choice to divorce and whether this kind of divorce will require a different kind of attorney.
Factors That May Affect Cryptocurrency and Other Financial Asset Division
In our video, Atty. Tyler Monahan briefly discussed the factors that could affect dividing financial assets including cryptocurrency during a divorce in Texas.
According to him, some of the factors that could affect are the following:
- Current actual asset versus Contingent asset
A current actual asset refers to any kind of asset that can be sold or used within the year or so.
On the other hand, a contingent asset is defined as a possible asset, in this case, profit that comes from a past action. A past action could be buying a stock option at the start of your marriage.
- Manner of acquisition: Acquired as options?
Another factor that could potentially affect how the financial assets like cryptocurrency, will be divided during a divorce is how it was acquired.
As some would have it, these financial assets could come in the form of options. Some assets have a nature that couldn’t be converted into cash immediately such as cryptocurrency.
The manner in which the asset is acquired can be considered a factor because if the asset could be easily converted into cash, the division will be deemed much easier compared to financial investments that are locked-in for an amount of time.
Hire a Divorce Attorney in Fort Worth, Texas Today
Resources do not limit the division of assets to a certain percentage. The advice is to approach cryptocurrency and other financial assets as you would a normal marital asset–to divide it using a “just and right” approach.To conclude, each case is a thumbprint case meaning, it is individual and unique. The best approach in terms of dividing financial assets is to retain a divorce attorney who has an extensive experience regarding division of financial assets such as cryptocurrency.
