Divorce can be a challenging process, and the inclusion of crypto assets can add an additional layer of complexity. If you or your spouse hold digital assets like Bitcoin, Ethereum, or other cryptocurrencies, it is important to understand how these will be addressed in UK divorce proceedings.
Full disclosure of all assets, including crypto, is crucial in most divorce cases. Crypto is treated like any other marital asset in divorce. However, what makes crypto differ from other assets, is that it is decentralized and often anonymous in nature, meaning it can be easy to conceal. It is imperative to note that failure to disclose or purposely conceal any assets can have severe legal consequences.
One potential challenge in dealing with cryptocurrency in divorce is its volatile value. Prices can change drastically in a short period of time, making it difficult to determine an accurate valuation. To manage this, we suggest agreeing on a valuation date and agreeing to use that value for the purpose of proceedings, and consult a crypto expert if necessary.
As crypto is considered a regular asset in divorce proceedings, there is not a particular way of dividing crypto that would differ from how regular assets are dealt with. Therefore, crypto will likely be dealt with in the same way as other financial assets, such as bank accounts, bonds, shares or savings. The outcome may be that the crypto gets directly transferred to the other party, offset against other assets, or liquidated, amongst other options. The manner in which it is dealt will depend on the individual circumstances of the case and will differ from case to case.
If you are facing a divorce involving crypto, here are some steps you can take to potentially facilitate the process:
Given the complexities involved with crypto, it is essential to seek legal advice. A legal professional can help ensure that all assets are properly disclosed, accurately valued and fairly divided. For more information or a confidential consultation, please contact our offices on 01273 447 065.
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