Those who are getting divorced in the state of New Jersey should understand that if they own cryptocurrency, this may very well come into question when entering the equitable distribution process. Cryptocurrency is a fairly new type of asset, however, if you own it, you must understand how it may play a part in the outcome of your divorce. Read on and reach out to our experienced New Jersey divorce attorneys to learn more about the division of assets, how cryptocurrency may be incorporated into that division, and how we can help you fight for what is rightfully yours. Here are some of the questions you may have:
How do New Jersey courts divide assets in a divorce?
In a contested divorce where couples cannot agree on who gets what assets, New Jersey courts will subject that couple’s marital assets to the equitable distribution process. Marital assets are all assets acquired during a marriage. Unfortunately for many, equitable seldom means equal, and it instead means a fair and just distribution of assets in the eyes of the court. That being said, if you own cryptocurrency and you are getting a divorce, there is a very good chance that the cryptocurrency you own will be subject to the equitable distribution process.
How is cryptocurrency distributed in New Jersey divorces?
Cryptocurrency can be very complicated, for a wide variety of reasons, which is why if you own it, you should have a firm understanding of what lies ahead. To start, cryptocurrency is complicated because it does not require a third-party financial institution to transmit the assets, which essentially means that the individual who owns cryptocurrency could potentially hide those assets from his or her spouse. If you are the spouse of someone who owns cryptocurrency, you can see why this is a problem. That being said, if you are the spouse of a cryptocurrency owner, your attorney is allowed to request all documents regarding your spouse’s cryptocurrency earnings, and from there, your attorney can review all financial statements associated with the cryptocurrency and determine whether you have a right to that cryptocurrency. However, valuing cryptocurrency is not particularly easy, as it frequently fluctuates in value, not dissimilar to certain stock assets. For this very reason, you need to hire an attorney who is familiar with cryptocurrency who can efficiently guide you through every step of the process ahead. We are here to help.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.