Tampa divorce attorneys family lawyers in Tampa, Riverview, Apollo Beach, Brandon, Carrollwood, Northdale, South Tampa, Hillsborough County, Pinellas County, Pasco County Florida
Se Habla Español Call NOW for a *FREE Consultation 813-672-1900 Or TEXT to (813) 543-8960 Financing Available * Free in most cases
  • Facebook
  • Search

How To Deal With Cryptocurrency In Your Divorce?

Tampa cryptocurrency divorce attorneys in Florida

Cryptocurrency is no longer considered fringe technology. It is a real asset that is being used by banks, corporations, investors, and more. If you or your spouse has cryptocurrency, it is important to know how these assets will be handled during a divorce. Some spouses may have purchased and invested with cryptocurrency during the marriage, while the other may not have any knowledge on how to use it, store it, and save it. If you are getting a divorce and either you or your spouse has cryptocurrency, it is crucial that you know how to deal with it during the divorce process.

Do Not Get Rid of Any Records Regarding the Cryptocurrency

You may feel tempted to destroy any records you have about the cryptocurrency in your possession. Some people do this to protect the investment from property division hearings, and to prevent their spouse from receiving any after the divorce. Destroying records about any assets during your divorce is a big mistake, though. A judge will not look kindly on any kind of dishonesty and may even award your spouse more in the cryptocurrency based on your actions alone.

Locate Cryptocurrency

Maybe it is not you that owns the cryptocurrency, but your spouse. In this case, you will have to locate it so the court can divide it during the divorce case. The best way to locate cryptocurrency is to work with a family lawyer that will know how to do it during the discovery phase of your case. During this stage, your lawyer will request any documents pertaining to the wallet for cryptocurrency, the transaction history, and receipts. Obtaining this information without working with a lawyer is very difficult.

Consider the Tax Implications

Cryptocurrency owners may or may not receive tax documents regarding their accounts, depending on whether the account has hit a certain parameter. It was in 2014 when the IRS stated cryptocurrency should be treated as property for tax purposes, making it subject to taxes on capital gains. These tax implications are crucial when valuing the cryptocurrency, and when transferring it, as well. Due to the fact that any cryptocurrency earned during the marriage is going to be considered a marital asset, it is essential that all parties know how to access and use it, and the tax consequences they may face when they do access or transfer the funds.

Call Our Family Lawyers in Tampa Bay Today

Cryptocurrency today has real value, and that value will likely play a role in your divorce case. It is crucial that you ensure it is properly discovered, and valued. If you believe that cryptocurrency will be a part of your divorce, it is crucial that you speak with our Tampa divorce lawyers at All Family Law Group, P.A. We will explain how cryptocurrency works, the implications associated with it, and discover it so you receive the fair settlement you deserve. Call us today at 813-672-1900 or contact us online to schedule a free consultation. Se habla español.



All Family Law Group, P.A.
The law firm of All Family Law Group, P.A. provides legal services to the Florida cities including Tampa, Clearwater, Brandon, Riverview, Hyde Park, South Tampa, Ybor City, Northdale, Valrico, Gibsonton, Lithia, Mango, Palm River, Plant City, Seffner, Sun City Center, Wimauma, Apollo Beach, Ruskin, Temple Terrace, Carrollwood, Northdale, Westchase, Citrus Park, Town N Country, Thonotosassa, Lutz, Fish Hawk, New Tampa, St. Petersburg, Palm Harbor, MacDill Air Force Base and all of Hillsborough, Pinellas and Pasco Counties. We will also represent DIVORCE clients in Polk, Hernando or Manatee Counties.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

No content on this site may be reused in any fashion without written permission from All Family Law Group, P.A.

MileMark Media - Practice Growth Solutions

© 2014 - 2024 All Family Law Group, P.A. All rights reserved.
This law firm website SEO by Lynette Silon-Laguna and website management by MileMark Media.

Contact Form Tab