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Bitcoin can complicate division of assets

Couples in Georgia who are getting divorced might have to face one more thing to complicate divorce negotiations. The use of bitcoin, which has fluctuated in value over the years, is now also cropping up in divorce cases with one spouse accusing the other of trying to hide assets with their bitcoin or couples fighting over the division of bitcoin.

With bitcoin's value changing rapidly, the negotiation for the division of bitcoins or even finding proof that those bitcoins are owned by an ex-spouse can complicate a high-asset divorce. While bitcoin is difficult to trace, digital forensics experts can review someone's email to find if and when they were using bitcoin. However, it is a slow, expensive process that can cost more than the bitcoin are worth. For bitcoin to be divided fairly, the spouses would first have to agree on the value of the bitcoin on the day of the final divorce hearing. This also means having to reevaluate the value of the bitcoin at every step of the divorce process.

Experts suggest that one way to divide bitcoin fairly is to simply split it in half, and then the spouses can take their chances with selling the bitcoin on an exchange. There is also concern about the lack of legal precedence for divorce cases involving bitcoin. Experts agree that courts must keep up with what is happening outside, so legislation must eventually be made up regarding the ownership and division of bitcoin.

Residents who know or believe their spouse owns bitcoin and is trying to hide its value in a divorce might choose to consult a divorce lawyer. A lawyer with experience in state legislation regarding divorce and division of assets may provide explanations, guidance and support during the divorce proceedings.

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