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Addressing cryptocurrency during a divorce

On Behalf of | Nov 14, 2022 | Divorce

When facing the end of a marriage, it might not be uncommon for individuals to encounter a variety of complex topics while preparing a strategy to protect their futures. Identifying and valuing marital assets is a common example of a vital factor to address during a divorce and as such assets can take on various forms, this could prove challenging at times. Cryptocurrency is a type of asset that may play a significant role in the process and individuals in Pennsylvania may wish to seek advice in knowing what to consider regarding such assets. 

Experts indicate that there may be several vital factors to address regarding cryptocurrencies during a divorce, some of which may include: 

  • Identifying virtual assets:  While it may be somewhat difficult to identify cryptocurrencies due to their virtual nature, uncovering the presence of such assets could be integral to protecting one’s interests. 
  • Tax concerns:  It may also be vital to address the role taxes might play in the value of similar assets, as increases in cryptocurrency values are subject to capital gain tax rates. 
  • Dividing cryptocurrencies:  Knowing the steps involved with dividing cryptocurrencies in a divorce may also be essential to preparing to make informed choices about one’s options. 

Even if a person prefers to relinquish possession of cryptocurrencies in exchange for other assets, due to the ever-changing nature of such assets, obtaining the true value of cryptocurrencies can be a complex task. 

Going through a divorce can be stressful under any circumstance and those who wish to cover every vital aspect involved could benefit from seeking guidance in navigating the process. By consulting with a family law attorney, a person in Pennsylvania could obtain much-needed insight into addressing all his or her available options. An attorney can evaluate a client’s situation and assist in developing a strategy for legal proceedings that focuses on his or her preferences and needs for the future. 

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