Divorce can be a difficult process to handle, but matters become more complex when you consider uncommon assets during property division. In Michigan, your or your spouse’s digital account of cryptocurrencies is part of the marital pot if you acquired or grew it during your marriage. This means the courts will have to divide this asset fairly.
Valuing a volatile asset
Cryptocurrencies change their values at unexpected times. One moment they have crashed to their lowest state, and the next they skyrocket to a new all-time high. You might be thinking about how the courts will divide this asset if there is no fixed value.
In Michigan, the court has discretion on a crypto’s valuation date. Usually, a judge may choose to acquire the digital currency’s current value on the day that is close to the final settlement or trial date.
Tracking down hidden assets
If you suspect your spouse is hiding their crypto, options exist to help you track their accounts. After all, hiding these assets violates Michigan’s strict full disclosure requirement when declaring finances.
Working with forensic accountants can be helpful in uncovering hidden wallets. These specialists analyze bank statements to find the initial paper trails, such as dollar transfers to platforms like Coinbase or Robinhood. They can track public blockchain ledgers directly to cold storage hardware wallets, ensuring every single digital coin is accounted for.
Take action with legal assistance
Dividing cryptocurrencies can be overwhelming, especially when you think your partner is hiding their assets. A family law attorney can provide the guidance you need to ensure the courts divide property fairly.