Can cryptocurrency be divided during a divorce?
Yes. Absolutely.
If you and your spouse have cryptocurrencies, you'll want to know how to divide these assets during your divorce. Cryptocurrencies can fluctuate in value dramatically, so it can be hard to determine the value of each other's possessions. Divorce proceedings can take months and sometimes years, so determining the value of cryptocurrency can complicate the process. If you end up going to trial, the value is likely determined by the evidence submitted and received at trial during the divorce. In Utah, judges like to use the value on the date of the trial, not the date the case is filed. Although, because there is a mandatory mediation requirement in family law cases, your case will likely be settled in mediation.
With that said, in Utah, crypto is considered marital property if it is acquired during the marriage, which means that each spouse is entitled to one-half of the value. Although cryptocurrency is still a relatively new phenomenon, the law is set up to handle these assets.
If you need a free divorce consultation, call this law firm, they can help you:
Ascent Law LLC
8833 S Redwood Rd Suite C
West Jordan UT 84088
(801) 676-5506
