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Bitcoin Is Making Divorce Even More Confusing

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Bitcoin Is Making Divorce Even More Confusing

In 2009, a then-unknown person name calling themselves “Satoshi Nakamoto” created Bitcoin. Part of the appeal is the fact that it is a digital currency, and transactions can be made without involving banks. Plus, many people enjoy trading Bitcoin in the hopes of gaining quick riches.

Since 2009, Bitcoin has gained global acceptance. You can pay for hotels on Expedia using Bitcoin. In addition, you can purchase furniture on Overstock with Bitcoin. So, it goes without saying that Bitcoin is now involved in a few messy divorces.

Saying that divorce is difficult is a no brainer. According to Oregon Divorce Attorney Michael Romano of Romano Law, P.C., finances can be the most complicated factor in settling divorces. Adding a cryptocurrency to the mix only clouds the proceedings. Like any currency, Bitcoin is an asset that must be divided as part of divorce. But dividing a new and unfamiliar currency like Bitcoin is a pressing new challenge in the modern world.

Bitcoin is now a part of the modern vernacular. Its rising value and popularity means it will be a point of contention for an increasing number of divorces. What makes this a bit more muddy is the fact that Bitcoin is both difficult to value and difficult to trace.

In one day, its value can shoot up several hundred percent and then, go back down again. Of course, both parties must provide a full disclosure of their assets in divorce proceedings. But, some spouses may elect to hide their Bitcoin investments since it would be easy to do so anyway.

Furthermore, in a divorce, there is usually one spouse who is expecting to receive a windfall that often doesn’t exist. But, if Bitcoin is involved, perhaps there may be a hidden pot of gold at the end of the rainbow after all. Dividing assets is already painful enough as it is.

Everyone is trying to wrap their heads around cryptocurrencies, including lawyers. For instance, if one party fails to disclose their Bitcoin investments, it might mean that the other spouse may not get their lawful share of the assets. Bitcoin has a lack of a paper trail, and that is what some people want.

With Bitcoin, all transactions are made electronically. In fact, Nakamoto, is still unknown. Who is the mysterious man who created Bitcoin? Nakamoto may not even be his real name.

It’s worthy of a plot in some of the best science fiction novels. You just can’t make this stuff up. And, now, there is no going back. Bitcoin has since created Bitcoin millionaires, with more to come.

Companies are popping up left and right selling their own cryptocurrencies and Blockchain technologies. The first Bitcoin transaction was made on January 12, 2009 where Nakamoto transferred 10 bitcoins (BTC0 to Hal Finney. In 2010, it made headlines when someone purchased two pizzas with 10,000 bitcoins.

Essentially, Laszlo Hanyecz from Florida offered 10,000 bitcoins to a man from London to buy him pizza. So, the London resident made a long-distance call and ordered two pizzas from Papa John’s for Laszlo.

In 2011, Bitpay was launched as a large merchant provider. Bitpay has since persuaded 12,000 merchants to accept Bitcoin. In December 2011, Microsoft also announced it would accept Bitcoin for payment.

So, Bitcoin has continually disrupted financial institutions, transactions and banking. Some central bankers are fearful of Bitcoin.

In divorces, Bitcoin can be traced if it was traded on an online exchange or purchased with funds from a bank account. Yet, people can transfer funds from their digital wallet to a USB. In scenarios like these, a digital forensics expert may be brought in to engage in painful email tracing and research.

Unfortunately, this is a long and drawn-out process that can cost more than the entire worth of the cryptocurrency. Still, some spouses are willing to do anything to keep their money on hand. And, they will find any means of doing so.

As a result, hiding Bitcoin can be compared to hiding money overseas. Now, Bitcoin research is becoming more commonplace in the discovery process. This is true even with Bitcoin’s extreme volatility.

For example, Bitcoin hit an astounding high of $20,000 in December. Then, it dropped to around $6,000 in under two months. So, the value can change throughout divorce proceedings. The value may change from divorce filing to settlement.

It seems the only option is to split the Bitcoin and let each spouse take their chances. Since Bitcoin will continue to rise in popularity, it is worth noting in the divorce process.

 

 



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