When a couple gets divorced, their assets will almost certainly enter the equitable distribution process. These assets can include their marital home, cars, retirement plans, and more. In recent years, however, we have seen an emergence in cryptocurrency, such as Bitcoin. That being said, if you are someone who is going through the divorce process and you have a significant amount of cryptocurrency in your possession, you are most likely wondering whether it will be subject to equitable distribution as well. Please continue reading and speak with our knowledgeable California divorce attorneys to learn more about equitable distribution and whether your Bitcoin savings may come into play. Here are some of the questions you may have regarding the legal process ahead:
How does equitable distribution work in California?
If you are getting divorced, the first thing that the courts will do is determine whether your assets are marital property or separate property. Generally, marital property includes all property that was accumulated during the marriage, while separate property includes property that was acquired before, or outside of, the marriage. Marital property is generally subject to equitable distribution, while typically, separate property is not. That being said, if you own cryptocurrency, such as Bitcoin, you are most likely wondering whether it will be considered marital property. In most cases, if you acquired Bitcoin funds during your marriage, it will be subject to equitable distribution.
How is Bitcoin divided in a divorce?
Generally speaking, cryptocurrency will not require a third-party institution to hold or transfer assets, which complicates matters when it comes to dividing this currency, as it can make this type of currency easier to conceal or hide. That being said, an experienced California divorce attorney can formally request that all documentation surrounding any Bitcoin currency a spouse owns be produced. From here, your lawyer will review the various financial statements associated with the Bitcoin account. Your lawyer can then request that those funds be subjected to equitable distribution in your divorce. If your spouse tried to conceal certain assets, it may be considered a fraud on the marital estate. No matter your situation, whether you own Bitcoin funds or your spouse does, you must hire an attorney with a firm understanding of how those assets may come into play in a divorce. Our firm is here to help. Give us a call today.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.
