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Novi asset division attorneyCouples have been getting divorced for centuries, and while the process may be standard, societal changes can cause divorce attorneys to adjust their approach. One recent issue that may complicate the asset division process is dividing cryptocurrency. The concept of cryptocurrency can be confusing for most people because it is a relatively recent invention. However, if you do own a form of cryptocurrency, such as Bitcoin, and are going through a divorce, finding a qualified divorce attorney who understands how to divide cryptocurrency should be your first step.

What Is Cryptocurrency?

Cryptocurrency is a type of financial exchange that is conducted through the internet. It does not belong to a bank, so there are no fees needed to keep it in an account online. Cryptocurrency is governed by computer code, and its computer technology limits the number of virtual "coins" in circulation. When either spouse owns cryptocurrency in a divorce, it is treated as intangible property. 

How to Value Your Cryptocurrency

Cryptocurrency is hard to value, and the market can be extremely volatile. Due to fluctuating exchange rates, virtual currency owned when a divorce commences could be worth 300 times its value by the end of the settlement, or it could be 300 times less. During the divorce process, the value of a cryptocurrency can be determined by calculating the Fair Market Value, or what it would be worth if exchanged for cash. 

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