Property division will frequently come to the forefront in an Ohio divorce in which the couple has accrued significant assets. The most common types of property in dispute include real estate, automobiles, jewelry, artwork and collectibles. Financial assets are also part of the case. With a business, bank accounts, stock portfolios and retirement accounts, it can take time to sift through and determine how it will be split fairly and in a way that each side can accept without rancor. Being fully prepared from the start and understanding as much as possible about the assets the couple owns is a vital part of a case.
Cryptocurrency is becoming a challenging asset in divorce
For many, new investment opportunities like cryptocurrency arise. While this can be lucrative and its popularity is growing, it is creating new challenges for divorcing couples. According to estimates, more than 20 million people are believed to own cryptocurrency. As of April, its overall value was greater than $2 trillion. People are diving into cryptocurrency with great enthusiasm and some have put massive amounts of money into it. Others are simply dabbling. Regardless of how much is invested, dealing with it in a divorce is complex.
The asset is volatile and known to fluctuate in value by hundreds of thousands of dollars in a short time-frame. As the divorce proceeds, this can impact the worth of the couple’s assets by the day. Having a formula to value and divide the assets can be helpful. Taxes are another issue. If a couple’s cryptocurrency investment rose substantially from its date of purchase, there might be capital gains taxes to address. Some people are lax in reporting their cryptocurrency profits to the IRS. Obviously, this could be a major sticking point in the divorce. Transferring cryptocurrency is not as easy as it is to transfer traditional investment accounts. This could be problematic during a divorce.
Professional representation with property division may be beneficial
With conventional property division, a divorce can be difficult to navigate. If there are assets like cryptocurrency that may be somewhat confusing, it is even harder. Whether the case is one in which the parties are on reasonably good terms or they are unable to agree on anything, having protection could be imperative. For assistance with these difficult aspects of a divorce, having experienced advice may be essential.