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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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Posted on in Divorce

Novi, MI divorce attorneyWhile marriages are usually intended to last forever, many do not make it that far. When a marriage ends in divorce, there are usually a variety of factors that led to its demise. Some couples grow apart; others realize their compatibility does not last an entire lifetime. Each couple may be unique, but studies have shown that many divorcing couples experience similar issues that lead to the breakdown of their marriage. These include:

1. Refusal to Work on Mental Health Issues

Many individuals suffer from mental health issues, yet some refuse to seek professional help. If one partner is dealing with a mental illness such as anxiety or depression, their actions not only affect themselves but their spouse and other family members as well. The other spouse may struggle to understand their partner’s struggles, especially if they do not appear to be taking active steps to improve. If one spouse refuses to seek professional help for a mental illness, the impact on their relationship can be detrimental and eventually lead to divorce. 

2. Dangerous Addictions

In a marriage, it is important for couples to prioritize their relationship and the life they are building together. For those that struggle with substance abuse, it can be easy for their marriage to get placed on the back burner. A spouse's personality may change when they are drinking, or they may become dangerous as a result of their drug use, and in many cases, it is unlikely that they will willingly stop using the substances. The other spouse may feel neglected, and they may even suffer physical and emotional abuse, or their spouse may waste marital funds in pursuit of their addictions. As a result of these issues, many spouses will eventually see divorce as their best option.

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