If your ex invested in cryptocurrencies many years ago, you might be wondering if you can gain access to some of these assets in the event of a Georgia divorce. While cryptocurrency represents a textbook example of a “complex asset,” spouses are still perfectly justified in pursuing their fair share of all marital property. This includes both traditional and non-traditional financial assets.
If your ex has invested in cryptocurrencies during the marriage, they may be more knowledgeable about this subject than you. Therefore, one of your first steps should be to gain a basic understanding of how these investments work. Cryptocurrencies exist on the blockchain – a system that offers anonymity, instant transmission of funds, and decentralization.
Cryptocurrencies may also be stored in a number of different ways. These include “cold” options such as USB drives and “hot” options such as digital wallets. Cold storage is much safer and more secure, but it is also completely offline. Therefore, there may be almost no visible records of these assets. Storing crypto online via an exchange is much easier, but it is also more vulnerable to hackers. Online wallets are also easier to trace.
Am I Entitled to Receive Some of My Ex’s Crypto?
To determine whether you are eligible to get access to some of your ex’s crypto investments, consider whether they are “separate” or “marital” property. If your ex purchased the crypto during your marriage, they are “marital.” If your ex purchased them prior to the marriage or after the date of separation, they are “separate.” They may also be separate if your ex purchased them with inheritance or received them as a gift during the marriage.
Note that even if your ex purchased the crypto during the marriage, any rise in the value of these investments could be considered marital property. All marital property is divisible according to Georgie’s “equitable distribution” system – which means you are entitled to receive a portion. For example, your ex might have purchased a single Bitcoin for $500 in 2016 before marrying you shortly afterward. In January of 2023, that single bitcoin was worth approximately $43,000 – representing a rise in value of over 8,300%. While your ex would keep the initial $500, all remaining gains would be divisible.
I Think My Ex is Concealing Crypto: What Can I Do?
If you believe that your ex is concealing crypto, you may need to hire a qualified professional to track down these assets. The obvious choice would be a forensic accountant who specializes in cryptocurrencies, although a property division lawyer may also be of assistance.
Where Can I Find a Qualified Divorce Attorney in Georgia?
If you have been searching for an experienced divorce attorney in Georgia who can help with property division, look no further than Lankford & Moore Law. Whether you think your ex is concealing assets or you simply need to negotiate a fair settlement, we can guide you toward a positive outcome. Book your consultation today.