When resolving financial matters arising from a divorce both you and your spouse have an absolute duty to each other, and to the court, to fully disclose your finances.. Different types of cryptocurrency are reported on in the news with Bitcoin, Altcoins, Stellar etc. becoming household names. The Courts have determined that cryptocurrency should be considered property, and as people are increasingly investing in schemes like these, it is important for you to consider such investments when going through a divorce. The Court has the power to force a party to sell, or transfer to their spouse, their investments to include savings, stocks, shares and cryptocurrency etc.
Some spouses think that they can effectively hide assets through investing in cryptocurrencies. As a result, many people do not think it is worth taking cryptocurrency into consideration due to concerns over how to value the investment (given their values fluctuate often) and how you go about tracing the transactions as they are anonymous. However, there are various ways in which a party can seek to ascertain the presence/value of cryptocurrency. In addition, if it appears that a spouse is deliberately trying to hide assets by investing in cryptocurrency we can help clients seek a Freezing Order from the Court.
Ultimately, if you believe your spouse invests in cryptocurrency we can assist you in asking the right questions, at the right time, in order to ascertain how best to proceed.
If you are facing difficulties in your relationship and wish to discuss your options, please do not hesitate to contact our family department on 01622 759 051 or at maidstone@gillturnertucker.com.