It’s no secret that technology has drastically changed over the past few decades as a result of the technological boom of the late 1990s and early 2000s. As such, the assets subject to division during divorces have also changed. While a couple divorcing in 2005 may have bickered over who kept the home computer, you and your spouse may be concerned about other digital assets, like cryptocurrency. If you’re unsure how cryptocurrency is handled during a divorce in Missouri, you’ll want to keep reading. The following blog explores what you should know about these matters, including the importance of working with St. Louis property division lawyers to discuss your legal options for these digital assets.
What Is Cryptocurrency?
Cryptocurrency is a form of digital asset that exists solely online to serve as payment. Unlike cash or coins, crypto does not have a physical form. Additionally, it is decentralized, meaning it is not connected to banks. Instead, this currency uses blockchain technology, which is a ledger used to record all cryptocurrency transactions to verify and authenticate them.
You should note that, unlike a dollar, the value of cryptocurrency changes based on a number of factors, like supply and demand, the cost of mining, and economic conditions can all change how much this currency is worth. As such, you’ll find that cyrot is considered a volatile asset.
How Do Missouri Courts Divide This Asset?
It’s imperative to understand that, in Missouri, any property determined to be a marital asset will be subject to division. Generally, a marital asset includes any property you obtained during your marriage. Regardless of who made the purchase or whose name is on the title of an asset, it is considered to be the property of both you and your spouse. This differs from separate property, which is assets owned before the marriage or obtained after separation. These assets will remain the property of the spouse who owns them as they are not subject to division.
Once it’s determined what property is considered a marital asset, all property will be divided per Missouri’s equitable distribution method. Essentially, this means that rather than being split evenly between both spouses, the courts will examine each party’s contribution to the marriage, both domestically and financially. While the court can decide to divide assets evenly, this is not automatic, and assets may be split unequally.
As such, if you or your spouse obtained cryptocurrency during your marriage, you’ll find that it will be subject to division. However, as mentioned, determining the value of this asset can be difficult, and you should note that the court will attempt to determine its worth based on the date you separated.
Going through a divorce can be difficult, which is why working with an experienced attorney is in your best interest. Not only is this a challenging emotional period, but you’ll find that navigating the legal and financial aspects of this process can quickly become overwhelming. As such, it is in your best interest to connect with the team at Stobie Family Law Group. We understand how challenging these matters can be, so we are committed to helping you. Connect with us today to discuss your circumstances.
