A growing number of Maryland residents now own cryptocurrency, and while this digital currency grows in popularity, so, too, does the number of former couples trying to figure out how to divide theirs. Because dividing cryptocurrency is a relatively new aspect of divorce, many people navigating the process are finding that they face similar struggles along the way.
Per CNBC, an estimated 20 million Americans now own cryptocurrency. The following are some of the hardships faced by former couples when it comes to digital currency.
Finding digital currency
Some spouses are not always upfront about their digital assets, either out of intentional omission or oversight. Those who suspect their spouses may have digital assets might want to have a divorce financial advisor take a closer look at the situation.
Determining the value of cryptocurrency
The exact value of cryptocurrency is often tough to determine in a divorce. This is because its value may increase or decrease by quite a bit before a divorce becomes final. So, former couples may need to come up with some type of formula that accounts for this volatility.
Moving cryptocurrency around
Some divorcing parties find that transferring cryptocurrency between them may prove complicated. Some cryptocurrency exchanges do not have standards in place for doing so. Many also have small administrative teams, which may make it hard for people navigating divorce to get in touch with the right people to help.
It is true that finding, evaluating and transferring digital assets may prove challenging. However, people navigating divorce may stand to lose quite a bit by not taking digital currency into account.