Dividing Digital Assets
Cryptocurrencies and other digital assets are becoming more and more prevalent in divorce cases. This can be especially tricky when dividing these assets in a divorce. In Colorado, the law is still catching up regarding how to divide cryptocurrencies and other digital assets. This blog will discuss how these assets are currently divided in a Colorado divorce and some of the challenges of this type of asset division.
Colorado & Equitable Distribution of Assets in a Divorce
Divesting assets is often one of a divorce's most challenging and contentious parts. Things can become even more complicated when it comes to digital assets, such as cryptocurrencies. If you or your spouse own any digital assets, it is essential to understand how they will be divided during your Colorado divorce.
Cryptocurrencies are a type of digital asset that is becoming increasingly popular. Bitcoin, Ethereum, and Litecoin are all examples of cryptocurrencies. Cryptocurrencies are not regulated by any government or financial institution. They are decentralized and can be used to purchase goods and services online.
Like other property types, cryptocurrencies are subject to equitable distribution during a Colorado divorce. This means they will be divided fairly between the two spouses, considering each spouse's contribution to the marriage.
If you or your spouse owns any cryptocurrencies, disclosing them during your divorce is required. Failure to do so may result in an unequal division of assets. If you have any questions about how your digital assets will be divided during your Colorado divorce, speak to an experienced family law attorney.
Get In Touch with Colorado Property Division Attorneys
Dividing cryptocurrencies and other digital assets can be challenging, especially if you are unaware of how Colorado's law works regarding these assets. It's important to work with a divorce attorney to put your best foot forward. At Law Office of Greg Quimby, P.C., we work tirelessly with our clients to ensure their property rights are protected throughout the legal process.
Learn more about how we can help or schedule a consultation by calling (719) 212-4227 or visiting our website.