FERRO, BATTEY & EUCALITTO, LLC
Divorce, Family, and Matrimonial Lawyers
FERRO, BATTEY & EUCALITTO, LLC
Divorce, Family, and Matrimonial Lawyers
What is Cryptocurrency?
A cryptocurrency is a digital, encrypted, and decentralized medium of exchange. Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are distributed among cryptocurrency’s users via a blockchain. You may be familiar with the most popular versions, Bitcoin and Ethereum, but there are more than 9,000 different cryptocurrencies in circulation.
As crypto has become increasingly more popular and accepted, people are now using crypto to buy regular goods and services, while others invest in cryptocurrencies, like they would in stocks.
How is Cryptocurrency Handled in Divorce?
Cryptocurrency is an asset that is subject to division, just like any other asset in a divorce.
Is My Spouse Hiding Cryptocurrency During our Divorce?
Cryptocurrency has now become a valuable asset. However, unlike traditional assets, crypto poses unique challenges because it is not stored in traditional bank accounts. This means a spouse can easily hide these assets.
Cryptocurrency can be held in four different places:
If you suspect your spouse may have and/or be hiding cryptocurrency, there are several places you can look to determine whether cryptocurrency is in fact stored. Those places include:
The legal framework for handling cryptocurrencies in divorce is still evolving. It is crucial to work with professionals well versed in in the complexities of these digital assets. The lawyers at Ferro, Battey & Eucalitto, LLC, are knowledgeable in digital currencies and will help you navigate your divorce in this new digital age. For more information, contact us today.
Ferro, Battey & Eucalitto, LLC
320 Post Road West, Suite 2E, Westport, CT 06880
203-424-0482 ❖ info@ferrofamilylaw.com
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