During the marital dissolution process, it is natural for spouses to fight over their money. For this reason, it may not come as a surprise that cryptocurrency, such as bitcoin, may quickly become a point of contention during divorce in New York. This is particularly the case with cryptocurrency surging in popularity during the past couple of years.
Cryptocurrency has existed for about 10 years now, but it entered the mainstream in 2017 when the price of bitcoin skyrocketed to $20,000 a coin. It has since lost much of this increase in value. In 2018, just 5 percent of people in the United States had cryptocurrency. However, a recent survey revealed that an extra 21 percent of people said they would be interested in purchasing this type of currency.
An increasing number of investors are carrying shares in the cryptocurrency market, which is largely unregulated. As a result, more married couples who wish to get divorced may have to deal with these assets, which can lead to lengthier and more challenging divorce processes. In some cases, divorcing spouses may try to hide funds in the cryptocurrency market. Although this is not legally permitted, it is possible for some individuals to do if they have a strong understanding of cryptocurrency.
Getting divorced can understandably be an overwhelming process, especially when high-value assets are involved. However, an attorney in New York can provide the direction needed to navigate the property division process from start to finish. The attorney’s ultimate goal is to make sure that the client’s rights are upheld during all stages of the divorce proceeding.