Digital Assets Bring Unique Challenges
Cryptocurrency is becoming more and more popular every day. This digital currency is revolutionizing the way we do business, and it is also impacting the way we handle our personal finances. In particular, cryptocurrency is having a big impact on divorce proceedings. If you are going through a divorce, it is important to understand how crypto will be involved. In this blog post, we will discuss the role of cryptocurrency in divorce and how it can impact the outcome of your case.
Asset Division in Nevada
While crypto-assets may not be as traditional as a house or savings account, they're still considered marital property and must be divided accordingly in a divorce. In Nevada, crypto-assets are considered either community property or separate property. Community property is any asset obtained during the marriage, while separate property is anything obtained before the marriage or after legal separation.
If crypto-assets are considered community property, they will be divided equally between the divorcing spouses. However, if crypto-assets are considered separate property, they will remain with the spouse who obtained them. The court will also consider whether crypto-assets have increased or decreased in value during the marriage when determining how to divide them.
Unique Challenges with Cryptocurrency
As crypto becomes more mainstream, we are seeing an increase in the number of crypto divorces. While traditional assets like homes and stocks can be divided with more ease in a divorce, crypto presents unique challenges.
For instance, crypto is often held jointly between spouses. This can complicate things if only one spouse wants to keep the crypto or if there is disagreement about the value of the crypto. Another challenge with crypto is that it can be difficult to track. Unlike other assets, crypto is not held in a central location. This makes it harder to value and divide in a divorce. It's important to discuss your investments in crypto with your divorce attorney as you prepare for this important part of the process.
Work With an Attorney
Getting a divorce that involves cryptocurrency can be a tricky process, and it's important to have an attorney who knows how to handle crypto-assets. With the right guidance, you can ensure that your crypto-assets are divided fairly in your divorce. At Ford & Friedman, our team can help ensure that the assets you have worked hard to obtain are protected. Your rights matter, and we will defend them throughout your case.
Learn more about asset division and divorce or schedule a consultation by calling us at (702) 904-9898 or by visiting us online.