It may seem surprising, but an increasing number of couples in Maryland have had to figure out how to divide cryptocurrencies during their divorce. In recent years, cryptocurrencies like Bitcoin have experienced a massive surge in value. This makes them a valuable asset that a judge may divide up, just like a house or a savings account.
How do you divide cryptocurrencies?
During your divorce, you and your estranged spouse will have to divide anything that has significant monetary value. The price fluctuates often, but some cryptocurrencies are worth hundreds, or even thousands, of dollars. If one party in the divorce owns cryptocurrency, your divorce attorney will probably have to help you figure out how to divide it.
Unlike traditional forms of currency, cryptocurrency can be difficult to divide and even more difficult to value. While regular currency tends to decrease in value, cryptocurrency can increase in value over time. The best you can do is figure out the current worth of the cryptocurrency to ensure that you’re getting a fair deal.
If your estranged spouse owns cryptocurrency, he or she may try to hide it from you, so he or she doesn’t have to divide it during the divorce process. Don’t let anyone tell you that cryptocurrency isn’t valuable. Instead, tell your attorney about any cryptocurrency that you know about. Your lawyer may help you seek the help of an expert to figure out how much your estranged spouse’s earnings are worth.
What else do you have to divide during the divorce process?
If you signed a prenuptial agreement, the property division process may be fairly easy. Otherwise, your attorney could help you gather documentation to start the divorce process. Since Maryland is an equitable property state, you don’t necessarily have to divide every asset in half. Instead, you could offer to exchange one property for another.
Your attorney could help you with traditional assets, like properties and vehicles, as well as modern assets, like cryptocurrency. You may also have to figure out the value of antiques, fine art, collectibles, musical instruments and anything else that you may have in your collection.