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Cryptocurrencies and the role such assets might play in divorce

On Behalf of | Jun 12, 2022 | Divorce |

Individuals who are facing the end of a marriage and wish to safeguard their futures may face a variety of difficult choices while preparing for the process of property division. There are numerous types of assets that may play a vital role in the outcome of this aspect of divorce, such as the family home. As assets such as cryptocurrencies continue to rise in popularity, individuals in Mississippi may find it helpful to take such factors into account when preparing a strategy for negotiations, but the nature of these assets might only act to complicate the process. 

The nature of cryptocurrency 

Studies indicate that cryptocurrency continues to see rapid rises in popularity and more than 20 million Americans already own some form of digital currency. While cryptocurrency can be a form of marital property, including such assets when preparing for divorce negotiations might not always be so easy. Reports indicate that the nature of cryptocurrency could make it difficult to track, and studies suggest that it might not be uncommon for one to attempt to hide assets via similar means. 

Experts state that certain types of cryptocurrencies, especially newer ones, are more anonymous in nature than their predecessors. As such, uncovering similar assets prior to entering legal proceedings might prove a challenging task at times. Studies also indicate that it may also be vital to consider the costs of embarking on a similar endeavor, as it could prove expensive in nature. 

Property division 

While identifying and valuing all marital assets during a divorce could prove vital to seeking a fair and equitable outcome, the nature of assets such as cryptocurrencies may only complicate this process. Fortunately, one does not have to approach this aspect of divorce alone, as there are attorneys who can evaluate a person’s questions and concerns and provide much needed insight on the best course of action with which to process. Seeking such guidance could play a vital role in helping a person better prepare for what comes next by creating a strategy for divorce proceedings that best aligns with his or her future interests and needs.