One of the most challenging matters in an Ohio divorce is asset division. Many individuals are familiar with the financial assets that are divided in a divorce, which may include real estate, retirement accounts and other investments, and it’s common for couples to disagree about these matters. However, the process becomes particularly complex when cryptocurrency is involved. Dividing digital currencies can be complicated since their values fluctuate at any point in time, so determining their worth isn’t always straightforward.
If you are seeking a divorce, you’ll want an experienced attorney at your side to assist you through the process. Comunale Law Office is available for a consultation where we can discuss your specific case. We cover several key factors that may influence the division of cryptocurrency in an Ohio divorce below.
How Is Cryptocurrency Valued in an Ohio Divorce?
Cryptocurrency is a virtual currency that is traded on a digital market called a blockchain, and its popularity is rising, with an estimated 21% of the United States population having traded or held bitcoin. In Ohio, all assets that were acquired over the course of a marriage are considered to be marital property, and these assets are divided equitably between both spouses. If you or your spouse accumulated cryptocurrency during the marriage, these assets are also subject to equitable division.
The first step is to determine the value of the cryptocurrency, which is generally based on its value the day you or your spouse file the divorce case. In certain cases, the coin’s value at the time of withdrawal is used when dividing it. An attorney can review your situation and determine how the coin may be divided in your divorce.
What to Consider When Dividing Cryptocurrency
A major issue that couples encounter in property division is that cryptocurrency is often easy to hide. A spouse can quickly obscure the fact that they own this kind of asset. For example, an individual can complete a direct purchase and hold it offline, making it nearly impossible to discern who its actual owner is. As a result, these assets may be unfairly overlooked in a divorce, which is why it’s important to have a lawyer assess your case.
However, it is possible to determine who the currency belongs to if it was purchased through an online exchange. Significant penalties may be imposed if the spouse is found to be hiding assets, and these consequences include jail time or ceding a larger portion of marital assets to the former spouse.
Contact an Ohio Divorce Attorney for In-Depth Guidance
Cryptocurrency is a common asset that a spouse may attempt to hide in a divorce, so you’ll need legal support to reveal key information to win your case in your favor. If you are going through a divorce, discuss asset division and other important matters with the team at Comunale Law Office. Our Dayton divorce attorneys are prepared to represent your best interests, so call our office now to schedule an informative consultation about your divorce case.