An important element of every divorce is the division of marital property. In fact, this division can quickly become a sticking point. In the State of Texas, marital assets are divided in a manner that is considered equitable, which translates to fair given the unique circumstances involved, and cryptocurrency is plenty unique. If you have concerns regarding the division of your marital assets in a divorce, it is time to discuss them with an experienced Lampasas County divorce attorney.
Marital Assets
In Texas, those assets that you and your spouse acquire over the years of your marriage (with a few exceptions) are considered marital property, which will be divided equitably in the event of divorce. This does not necessarily mean that you and your divorcing spouse will split every last thing you own down the middle, but it does mean that the division will be fair in the eyes of the law. If one of you – or both of you together – invested in cryptocurrency at any time during your marriage, those assets (although you may not even understand what they are) belong to both of you. This is not a situation in which you should overlook an asset because you simply do not get it. The bottom line is that, even if your divorcing spouse was very into cryptocurrency and poured a lot of time and effort into amassing it, it remains a marital property that you need to – and should – address in your divorce.
Some Marital Properties Are More Complicated than Others
Some marital assets are very straightforward, which makes dividing them upon divorce less complicated (though rarely easy). Some marital assets are much more complicated to divide, including things like the following:
- Assets with sentimental value
- A family-owned business
- Your home
Cryptocurrency goes squarely into the complicated category. For one thing, the value of this little-understood currency can be very difficult to calculate (and come to an agreement upon). In other words, if you own cryptocurrency – and more and more couples do – you can expect this digital asset to make the division of your marital property that much more complicated.
The Court’s Stance
The court’s stance when it comes to cryptocurrency is no different than it is for any other marital asset – an equitable division must be established. To do this, you’ll need to assign a value, and this value will need to address the currency’s potential future value. In other words, it is complicated, and you are well-advised to work closely with your dedicated divorce attorney.
Do Not Put off Consulting with a Divorce Attorney
Brett Pritchard at The Law Office of Brett H. Pritchard – proudly serving Lampasas County, Texas – is a trusted divorce attorney who has the insight, experience, and drive to help protect your financial rights throughout the divorce process. (Read more words of wisdom from an experienced divorce attorney) Your case is important, so please do not wait to contact or call us at 254-501-4040 to learn more about how we can help you today.
RELATED READING