When the divorce process begins, you and your spouse will have to disclose any assets, income, debts and savings that would, typically, be divided respectfully between the both of you.
With the rise of technology, however, many assets are digital, which may affect what assets are divided in a divorce. Here’s what you should know:
In the past couple of decades, blockchain technology has grown in the eyes of the public. Many people invest in blockchain technology to profit later in life. There are two common forms of blockchains: non-Fungible tokens (NFT) and cryptocurrency.
NFTs are unique data codes that are often used for monetary exchange. NFTs are bought and sold much like a car. Cryptocurrency works much the same way as NFTs but can easily be exchanged for data of equal value – similar to the exchange of US dollars to Euros.
What do NFTs and cryptocurrency have to do with marital assets? Digital assets aren’t exactly like money saved in the bank. Many of these assets’ value fluctuates much like stocks or raise in value as it’s distributed and exchanged. Because of this, the true value of blockchain technology can be difficult to decide.
What you may also need to know is that digital assets can be easily hidden. You can’t exactly hold an NFT or bitcoin in your hand, so it can be hard to know if any exist. Financial statements may be able to show if any blockchain is hidden.
If you’re planning a divorce and need help discovering assets, you may need to reach out for legal assistance.