{"id":63873,"date":"2018-02-15T00:32:49","date_gmt":"2018-02-15T00:32:49","guid":{"rendered":"http:\/\/www.bnreport.com\/people-getting-divorced-are-now-fighting-over-bitcoin\/"},"modified":"2018-02-15T00:32:49","modified_gmt":"2018-02-15T00:32:49","slug":"people-getting-divorced-are-now-fighting-over-bitcoin","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/people-getting-divorced-are-now-fighting-over-bitcoin\/","title":{"rendered":"People getting divorced are now fighting over bitcoin"},"content":{"rendered":"

Forget the plush pad, wine cellar or luxury car lot \u2013 bitcoin is now being fought over by divorcing couples.<\/p>\n

Cryptocurrency assets are at the centre of three high value divorce cases for law firm Royds Withy King, but that number expected to grow as digital cash becomes more mainstream.<\/p>\n

\u201cThese are the first cases we have seen, and we expect to see many more. There will also be those divorces where a spouse may not have disclosed such assets leaving a traceability nightmare," said partner Vandana Chitroda.<\/p>\n

Read more<\/strong>: \u00a34bn is being laundered through cryptocurrencies<\/a><\/p>\n

Bitcoin, litecoin, ripple and ethereum are the crypto assets owned by the husbands in each of the cases.<\/p>\n

In some cases, identifying the cryptocurrencies people own \u2013 which could now be worth a significant amount from a small original investment as a result of rising prices \u2013 may end up being impossible.<\/p>\n

\u201cTracing cryptocurrencies could be enormously time-consuming and expensive," said another partner at the law firm, Mark Philips.<\/p>\n

"This is, of course, much easier if cryptocurrencies are traded via an online investment platform and bought with funds from a bank account, as the original value of the transaction can then be established. When cryptocurrency is purchased directly and moved offline, it becomes almost impossible to trace,\u201d he said.<\/p>\n

"\u2026 the nature of these currencies make it very easy for one party to hide assets. Unless a spouse discloses an investment in cryptocurrencies, it is entirely possible for them to remain hidden," he continued.<\/p>\n

Read more<\/strong>: Government websites have secretly been mining bitcoin<\/a><\/p>\n

\u201cParties have a duty to provide full and frank disclosure of their assets during a divorce and if there is no disclosure or evidence of the existence of cryptocurrencies, it will be extremely difficult for a party to receive their fair share of the matrimonial assets."<\/p>\n

When cryptocurrencies assets are identified as part of a case, the value must also be adjusted throughout as prices change when it comes to calculating settlements, the law firm said.<\/p>\n

The value of bitcoin hit highs of nearly $20,000 late last year. It;s now trading at $9,154 at pixel time, recovering somewhat from a major sell off.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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CityAM<\/a><\/h5>\n

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Forget the plush pad, wine cellar or luxury car lot \u2013 bitcoi..<\/p>\n","protected":false},"author":1,"featured_media":63874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-63873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nPeople getting divorced are now fighting over bitcoin - Business News Report<\/title>\n<meta name=\"description\" content=\"Forget the plush pad, wine cellar or luxury car lot \u2013 bitcoi..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/people-getting-divorced-are-now-fighting-over-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"People getting divorced are now fighting over bitcoin - 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