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Dividing cryptocurrencies during divorce is complicated

80309328_S.jpgMissouri residents who have gone through the divorce process know that few business interactions can be as potentially explosive as dividing up assets after a divorce. Time and time again, there are news reports of wealthy or famous individuals who find themselves in protracted divorce cases.

Some assets adding a new wrinkle to divorce proceedings are cryptocurrencies. Family law attorneys are just starting to deal with divorces where high-value cryptocurrency investments need to be found and divided among the divorcing parties.

When cryptocurrency first came on the scene in 2009 with Bitcoin, most people had no idea what it was, and very few thought that it was going to become a viable form of investment. A lot of people's minds changed in 2017. In that year, Bitcoin rose to an estimated value of $20,000 per coin. This meant that some individuals who invested in Bitcoin in 2010 when Bitcoin was valued at less than 1 cent USD found themselves sitting on a sizable fortune. Because of the relatively low cost of investing in Bitcoin when it first came on the scene, a spouse could invest without their partner knowing that they did.

Today, Bitcoin can be challenging to track down as it is an encrypted currency. When people trade Bitcoin online or purchase it online, the trades can be tracked. However, when face-to-face transactions are done and cash is exchanged for Bitcoin, it can be impossible to track. This has made it difficult for divorce attorneys and forensic accountants to find money that divorcing individuals are hiding from each other.

Cryptocurrencies are just one of many investment types that could play a role during a divorce. If a person has questions about the best way to protect their finances during a divorce as well as the laws pertaining to the value of assets, dividing of property, shared debt and other financial questions, they may discuss these with their family law attorney. An attorney may provide counsel on a number of issues and represent their client in court.

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