Bitcoins in Equitable Distribution
Equitable distribution, cryptocurrency, bitcoins, are you overwhelmed!!! To hear these terms during the divorce proceeding can make the already scary concept of divorce even more freighting. Most people don’t know what happens in equitable distribution and almost no one knows what a bitcoin is. So, let’s first start by giving some background information.
Bitcoin was invented in 2009 by a person (or group) who called himself Satoshi Nakamoto. His stated goal was to create “a new electronic cash system” that was “completely decentralized with no server or central authority.” Bitcoin is a digital currency. No bills to print or coins to mint. It’s decentralized — there’s no government, institution (like a bank) or other authority that controls it. Owners are anonymous; instead of using names, tax IDs, or social security numbers, bitcoin connects buyers and sellers through encryption keys.
Equitable distribution is the process of dividing marital assets and debts. If spouses can’t agree how to divide their property, they will have a judge decide how the marital assets and debt get divided. This is often a complicated and stressful process which leaves many people wondering what happened?
So, what happens to bitcoin in equitable distribution? Bitcoins are like any other asset and they gets divided during the equitable distribution process. However, bitcoins are not like other assets. Bitcoins presents some unique challenges in the equitable distribution process. For example:
- Bitcoins can be traded offline which makes them easy to hide or dispose of.
- The value of bitcoins is extremely volatile.
- Bitcoin is a newer form of currency and the lawmakers have yet to regulate.
These unique features and challenges should have you asking:
- Does my spouse own bitcoins?
- What is the value of the bitcoins?
- How can I make sure the bitcoin is not dissipated during the divorce process?
Does your soon to be ex-spouse own bitcoins? If so how much are they worth? How can you stop them from cashing them in without you getting your share?
Do you know the answers to these questions? Are you concerned you might not be getting your fair share of the assets. To help you handle this stress and ensure you receive what you deserve in equitable distribution you should contact an experienced family law attorney.
If you find yourself in this situation you should call LaMonaca Law at 610-892-3877 for assistance and guidance. LaMonaca Law is a family law firm on the cutting edge of technology and experience handling cases involving hidden assets.