Going through a divorce can be incredibly overwhelming, especially when you and your spouse own complex assets. One such asset that many are unsure how to handle during their divorce is cryptocurrency. Unfortunately, due to the nature of this asset, it can be difficult to handle during your divorce. As such, if you or your spouse owns crypto and don’t know what to expect, the following blog and St. Louis property division lawyers can help you fight for the best possible outcome.

Does Missouri Consider Cryptocurrency Marital Property?

It’s important to understand that whether or not the cryptocurrency owned by your or your spouse is marital property will depend on when the asset was obtained and/or how it was used.

Generally, any asset obtained by either spouse after they are legally married is considered marital property and thus is subject to distribution. As such, if you or your spouse invested in the cryptocurrency after you were married, it will be considered marital property, regardless of who technically owns it.

If you or your spouse owned crypto prior to marriage, it may be considered separate property, meaning the court would not divide the assets, and they would remain under the control of the party who owns it. However, you should note that if your spouse aided in investing the assets and thus increased the value, or you co-mingled the asset with marital property, it can then be considered jointly owned by both spouses and will be divided by the court as such.

It’s also important to understand that New York is an equitable distribution state. This means that when a couple files for divorce, the assets are not automatically divided evenly between the parties. Instead, the court will examine a number of factors to determine how to divide their marital property fairly. This means the division of assets may be unequal based on each party’s financial and domestic contributions to the relationship.

What Happens if One Spouse Hides These Assets?

Unfortunately, it is not uncommon for a spouse to attempt to hide assets. This is often the case when a spouse believes they are owed a better outcome than their spouse in regard to their property. As such, due to the complex nature of these assets, it may be difficult to uncover where they are hiding the assets. As such, it’s in your best interest to work with an experienced attorney to help you locate this property.

Common signs that a spouse may be hiding crypto include, but are not limited to, the following:

  • Unexplained financial transactions in the months leading up to the divorce
  • Transfers to unfamiliar or unknown accounts
  • Changed passwords
  • Sudden interested in blockchain technology
  • Secretive phone or computer use

As you can see, navigating a divorce in which one or both spouses own complex assets can be difficult. That is why it’s in your best interest to connect with an experienced attorney with Stobie Family Law Group. Our team understands how difficult these matters can be, which is why we will do everything in our power to help you fight for the best possible outcome for your circumstances. When you need help, contact us today to learn how we can fight for you.