• Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact
    • Facebook
    • Instagram
    • Twitter

When Parents Text

When Parents Text

Four Tips for Splitting Cryptocurrency and NFTs in your uncontested divorce

January 31, 2022 by Annie

Cryptocurrencies and NFTs (non-fungible tokens) have become popular means for investing your money and building alternative portfolios. With their increased popularity, they have been brought up more and more in divorce hearings, since divorces, even easy uncontested divorces, involve the division of digital assets. If you or your spouse have invested in cryptocurrency or NFTs, either before or during the marriage, it will have to be addressed during your divorce proceedings. As a marital asset that needs to be valued and divided, there are a number of factors and strategies that you will need to consider.

Tax Considerations

If you or your spouse have purchased cryptocurrency in recent years you may have noticed a significant increase in your investment. This will have implications, including long-term capital gains taxes, upon the sale of your cryptocurrency if you are divesting your investments for the purpose of your divorce. If this is the case, a post-divorce tax bill will be one of the factors in your divorce negotiations. Additionally, if one spouse failed to report their crypto investments to the IRS, they will need to remedy this. This will be impactful if spouses have been filing their taxes jointly, with the Treasury Department recently imposing crackdowns on individuals who fail to report on their crypto investments.

Transferring Assets

While there is well established precedent for dividing traditional investments during a divorce in Alabama, some cryptocurrency exchanges might not have the experience with transferring crypto investments from one spouse to another. For individuals who are not as familiar with cryptocurrency, this process can be a little confusing, especially when it comes to accessing this digital portfolio. One of the things they potentially have to worry about is potential tax liabilities when the funds are transferred. There are frequent market fluctuations that would influence this, so it is important to be mindful of these fluctuations.

With NFTs, which are unique and irreplaceable digital assets, similar in some ways to collectable artwork, you would not necessarily be able to transfer a portion of the asset. Here you would likely have to consult an expert divorce attorney in how to establish the worth of the NFT in order to divide the value you derive from the asset

The Discovery Process and Finding Evidence of Cryptocurrency and NFTs

Discovery is a preliminary process in divorces where depositions and subpoenas are filed to gain the full picture of an individual’s assets. The thing about cryptocurrency is that it is a secure asset, protected by a digital wallet, either online or on a physical device. And NFTs are cryptographic assets that exist on a blockchain, as though you were storing a unique piece of artwork at a separate location from your primary domicile.

The first thing you will have to do is determine if your spouse has a digital wallet, and whether it exists online or a separate device. Either way, the wallet will have access information like passwords wherein you can get a transaction history. It will look somewhat similar to a bank statement. You will be able to find out the conversion rates, dollar amounts, dates of transfers, and purchase history. If your spouse was using crypto to buy other items then this could lead to the discovery of other assets.

Providing Proof of Crypto Assets

As previously mentioned, digital wallets contain plenty of relevant information that will establish what crypto assets are owned and how they have been invested. One crucial thing that you should not do is delete this trail of evidence. If you attempt to conceal your assets there are a number of possible consequences, including a court enforced closing of your accounts. Think about crypto like any other asset — it is unwise to conceal them during divorce proceedings.

If you or your spouse have invested in digital assets, each of you should consult with your attorneys to untangle yourselves from the complications of this contemporary form of investment. Many attorneys, and states, are catching up to the way that this wealth stream can be divided in an uncontested divorce in Calhoun County or anywhere else in the State of Alabama.

 

About Me

Hi! I'm Annie and I have 3 kids (all in their teens - yikes!). My mommy blog isn't all about lunches and DIY - it's also about humour. Like how my kids make fun of my texts as if I don't know how to use emojis (I DO!). Now that I have a bit more time - since my kids don't want to hang out with me (teenagers), I have taken up blogging.

How Often Should Employees Undergo Drug and Alcohol Testing?

June 24, 2025 By Annie

Fences That Breathe: Why Horizontal Slats Are Everywhere in 2025

June 13, 2025 By Annie

Teens, Time-Sharing, and Tantrums Adjusting Summer Plans for Older Children in Custody Cases

June 10, 2025 By Annie

How to Sell a Vacant or Damaged Property Fast in West Virginia Without an Agent

June 6, 2025 By Annie

The Silent Home: How Acoustic Insulation Transforms Living Spaces

June 4, 2025 By Annie

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Facebook
  • Twitter

How Often Should Employees Undergo Drug and Alcohol Testing?
  • Uncategorized

How Often Should Employees Undergo Drug and Alcohol Testing?

By Annie / June 24, 2025
Source In the quest for a safe, healthy, and productive workplace, employee drug and alcohol testing has become a significant...
Read More
Fences That Breathe: Why Horizontal Slats Are Everywhere in 2025
  • Uncategorized

Fences That Breathe: Why Horizontal Slats Are Everywhere in 2025

By Annie / June 13, 2025
  You've probably noticed them popping up all over neighborhoods—those sleek, modern fences with horizontal slats that seem to be...
Read More
Teens, Time-Sharing, and Tantrums Adjusting Summer Plans for Older Children in Custody Cases
  • Uncategorized

Teens, Time-Sharing, and Tantrums Adjusting Summer Plans for Older Children in Custody Cases

By Annie / June 10, 2025
There’s no getting around it. Raising a teenager is a journey of its own. Add in summer custody schedules, shifting...
Read More
How to Sell a Vacant or Damaged Property Fast in West Virginia Without an Agent
  • Blog

How to Sell a Vacant or Damaged Property Fast in West Virginia Without an Agent

By Annie / June 6, 2025
If you're sitting on a vacant or damaged property in West Virginia and wondering how to sell it without a...
Read More
The Silent Home: How Acoustic Insulation Transforms Living Spaces
  • Blog

The Silent Home: How Acoustic Insulation Transforms Living Spaces

By Annie / June 4, 2025
In today's noise-filled world, the quest for peace and quiet has never been more urgent. As remote work becomes a...
Read More
How To: Transforming Your Baby’s Nursery Into a Montessori Learning Haven
  • Family

How To: Transforming Your Baby’s Nursery Into a Montessori Learning Haven

By Annie / May 30, 2025
Montessori principles emphasize fostering independence, curiosity, and respect for your baby's natural growth. By integrating these methods into your baby's...
Read More
Why More Parents Are Choosing Invisalign for Their Teens
  • Health

Why More Parents Are Choosing Invisalign for Their Teens

By Annie / May 27, 2025
Orthodontic treatment has come a long way from the days of bulky metal braces. Today, many parents are turning to...
Read More
Save Your Business Time And Money By Outsourcing Payroll To A Professional Service
  • Business

Save Your Business Time And Money By Outsourcing Payroll To A Professional Service

By Annie / May 19, 2025
The way we do business has been through some sea changes in recent years. A great deal of commerce has...
Read More
Pet Vaccines Through Life Stages: A Complete Guide
  • Uncategorized

Pet Vaccines Through Life Stages: A Complete Guide

By Annie / May 16, 2025
Your pet's health journey evolves dramatically as they age, and their vaccination needs change right along with them. From those...
Read More
What spring risotto recipes are worth trying out?
  • Uncategorized

What spring risotto recipes are worth trying out?

By Annie / May 13, 2025
Risotto lends itself wonderfully to springtime flavors. Creamy and comforting yet light, it perfectly showcases the first vegetables of the...
Read More

About Us

Hi! I’m Annie and I have 3 kids (all in their teens – yikes!). My mommy blog isn’t all about lunches and DIY – it’s also about humour. Like how my kids make fun of my texts as if I don’t know how to use emojis (I DO!)... Read More…

When Parents Text

  • Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact

© 2025 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design