By Kenneth V. Mundy, Florida Family Law Attorney
Many of you probably have numerous questions about cryptocurrencies, such as are they legal assets? Are said currencies considered an asset at all? How are these currencies treated in a dissolution of marriage proceeding? Naples family law and divorce attorneys at Woodward Pires & Lombardo, P.A. are here to answer these very questions.
What Are Cryptocurrencies?
For a family law attorney to provide sound advice regarding a spouse’s assets, he or she must understand what the assets actually are of any given marital estate. Cryptocurrency is effectively digital money that is mined for and managed electronically through computers. The most popular version of cryptocurrency is Bitcoin, followed by Ethereum. However, more than 5,000 different types of such currencies now exist.
Are They Legal Tender?
No, cryptocurrencies are not legal tender. Nevertheless, this does not mean cryptocurrencies are not legal assets. If divorce counsel refuses to target a spouse’s assets claiming they are not legal, they may not know what cryptocurrency is. Every single type of cryptocurrency is a legal asset, meaning it is subject to equitable distribution of the parties in a dissolution of marriage action.
Why Is It Important to Know This?
It is vitally important to become informed of cryptocurrency because a spouse may try to hide assets by using it, such as Bitcoin. Does your spouse currently claim they are broke, but somehow manage to live a luxurious lifestyle? Perhaps they are intentionally concealing assets in a form of cryptocurrency.
When it comes time for the assets and property of both spouses to be divided in a divorce settlement, an experienced family law attorney will want to discover everything in the other party’s arsenal. This includes uncovering the existence of any cryptocurrencies and thereafter, determining how much of it they possess. If you are facing divorce, you will want to know the answer to this question to ensure you receive your fair share of the martial estate.
What Difference Can a Naples Family Law Attorney Make?
First, it is critical you retain a lawyer having vast knowledge of cryptocurrency, so they know precisely what to look for. With over 5,000 specific types of cryptocurrencies, it will require extensive digging. Therefore, your lawyer must be willing to put in the time and effort to uncover the existence of said assets.
As we mentioned earlier, people who are anticipating a divorce may hide assets in one or more forms of cryptocurrency. As the estranged spouse of this person, you are entitled to your share of this as well as native currency and property.
How Are Cryptocurrencies Treated in a Divorce Settlement?
In Florida, cryptocurrencies are treated like any other asset. The key is having a lawyer willing to go that extra mile for you and find out if your spouse has any of them.
What Should You Do If This Situation Applies to You?
If you suspect your soon-to-be-ex spouse is withholding or concealing assets via different forms of cryptocurrency, promptly contact a family law attorney to assist. Our divorce attorneys in Naples, Florida at Woodward Pires & Lombardo, P.A. are here to help.
About the Author
Ken Mundy is an associate attorney with the law firm of Woodward, Pires & Lombardo, P.A. For undergraduate school, Ken graduated cum laude from Florida Gulf Coast University in 2013. Thereafter, Ken graduated summa cum laude from Ave Maria School of Law in 2016, where he obtained his Juris Doctor. Originally from New Jersey, Ken moved to Naples, Florida, with his parents and sister in 1997. Ken continues to happily reside in Naples with his wife, Taylor, and son, Dallas.
Ken is a Certified Financial Litigator focusing on family and marital law, including but not limited to complex divorces, child custody disputes, child support and alimony issues, relocation, paternity actions, and domestic violence proceedings. Ken is committed to protecting, educating, and guiding each client through the difficult and challenging processes associated with family law matters. In every case, Ken ensures his clients are placed in a position to make decisions in the best interest of themselves and their families, while also maintaining their dignity and self-respect.
Ken is also very involved in the community as he is on the Board of Directors for Meals of Hope and the Naples Junior Chamber, both of which are not-for-profit entities. Contact Ken at (239) 649-6555 or see www.wpl-legal.com.
Related post: What is the Relationship Between My Assets and Divorce?
See this article in SWFL Health & Wellness Magazine.