Current estimates indicate that about 20 million Americans across Tennessee and the rest of the United States currently own cryptocurrency. This is among the many reasons it is becoming more of a hot-button issue in modern divorces. While cryptocurrency may hold quite a bit of value, there are many challenges involved in dealing with it in a divorce.
According to CNBC, many former couples encounter the following hardships when it comes to dealing with digital currency in their divorces.
Finding the digital currency
Digital currency may be harder to find than, say, assets kept in a traditional bank account. Some divorcing parties even use cryptocurrency in an attempt to shield assets. In some cases, you may need to have a forensic accountant review your ex’s financial affairs and online accounts to determine if he or she owns cryptocurrency.
Placing a value on digital currency
It is also challenging to figure out the value of digital currency. This type of currency is volatile, and its value may change from day to day and week to week. Therefore, former couples may need to get creative in terms of figuring out how to split the value of the digital currency.
Transferring digital currency
Once divorcing parties find and determine the value of digital currency, they then have to figure out the easiest way to transfer it between them. This is not always easy, and there is no set precedent in terms of how to do it.
Dividing digital currency may prove more complex than dividing traditional assets. However, divorcing parties that neglect to consider this asset may be doing themselves a serious disservice.
