With the rise of cryptocurrency ownership across the globe, the issue of digital asset division in the event of divorce is becoming increasingly common. According to market research firm GWI, 10.2% of global internet users aged 16 to 64 own digital assets, with most ownership skewed towards nations experiencing high inflation or fluctuation in the value of their national currency. Speaking to Cointelegraph, Claire Walczak, a senior associate from independent law firm Lander & Rogers, who works in the firm’s family and relationship law practice, says family lawyers are seeing an increasing number of divorce settlements featuring digital assets. In the case of cryptocurrency, the value of the asset type is determined by the open market and can be assessed via an exchange. The crypto market can be volatile at the best of times, with exchange collapses and other factors pushing values down without warning. This fluctuation can cause issues when splitting assets during divorce proceedings. The crypto staking rewards can also form part of either spouse’s income and are recorded on their individual tax returns. A prenuptial agreement, or pre-nup, is a common legal agreement a couple makes before they marry concerning the ownership of their respective assets should the marriage fail. Cryptocurrency can be included in a binding financial agreement, including a prenuptial style agreement.
This news was first seen here: Increasing number of divorce proceedings involve crypto on 2023-06-01 09:45:00
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