You might be hearing a lot about cryptocurrency recently. Cryptocurrency, which was first made public in 2009, is a type of virtual currency. Unlike US dollars, cryptocurrency is destabilized, meaning it works the same way all across the globe and is not tied to any one country. The most famous form of cryptocurrency, Bitcoin, has now reached mainstream acceptance in 2021.
Cryptocurrency has long been a blind spot in Florida divorce proceedings. Since it was still misunderstood or ignored by the courts and attorneys, spouses could hold large amounts of assets in cryptocurrency and not have them disclosed or divided in their divorce. That changed late last year, as Florida amended their disclosure requirements to include the following:
“Parties in any family law case are now required to disclose to each other any virtual currency transactions within the past twelve months and provide a listing of all current holdings of virtual currency, which includes cryptocurrency.”
Now cryptocurrency is considered an asset that can be divided in a Florida divorce. You can’t just hide them anymore. In the discovery process of the divorce, attorneys will check the bank statements to see if any cryptocurrency is being bought. If there are virtual assets involved, they will look at the valuation of them and include them as a marital asset in the division process.
It is important for the spouse holding the virtual assets to be upfront about their existence as well. It is now the law that they must be disclosed, so hiding them would be illegal. Since the currency exchange rate of cryptocurrency to dollars tends to change rapidly, the valuation will be as up to date as possible. It’s a bold new world of marital assets, even though many Florida divorce attorneys have not yet figured out how to handle it.
If you’re looking for a divorce attorney with experience in cryptocurrency, look no further than C. Alvarez Law! Many law firms in Florida do not yet have experience dealing with cryptocurrency in divorce cases, since it has been added into Florida law so recently. C. Alvarez Law has significant experience dealing with cryptocurrency in divorce cases. We can read cryptocurrency statements and have even been paid by cashing out cryptocurrency!
Cryptocurrency is a big new concept, but it is here to stay. If you are getting divorced and dealing with assets in cryptocurrency, contact C. Alvarez Law today! We help families come to a resolution so they can move on peacefully.
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