Gumersalls News

Gumersalls News

Divorce Settlements Including ‘Bitcoin’ In Assets

by | Mar 14, 2018 | Family & Divorce | 0 comments

Even with the best experts in divorce settlements Surrey has to offer, ensuring that the financial of your split is conducted fairly for both parties is a difficult task. Of course, it’s more than just a question of what’s in you or your partner’s current account, and finding and defining assets is a crucial part of a settlement.

One development you might be interested in is the role of cryptocurrency in divorce settlements. You may have heard of this type of currency in the news, characterised by its mystery and fluctuating value that seems to have made some people very rich. ‘Bitcoin’ is perhaps the most renowned cryptocurrency, however, there are many others in existence.

It had been indicated previously that those in bitter divorce disputes may have turned to cryptocurrencies to hide their wealth before coming to a settlement, because of the mysterious, anonymous nature of this currency. The associated market volatility which can affect the value of this currency greatly in a short amount of time also makes it difficult to reach a settlement value without dividing the cryptocurrency itself.

According to MoneyInternational, there are currently three high profile cases involving cryptocurrencies, however, with no legal regulation in place yet, it’s hard to ascertain the outcome, especially regarding the power the courts can have over cryptocurrency enforcement. While these are the first many solicitors have faced, they believe them to be the first of many.

The Family Justice Council has drafted a guide to recommend both parties be honest about any cryptocurrency holdings to ensure that the legal proceedings are made as uncomplicated as possible.