What Happens To Cryptocurrency And Digital Assets In A Tampa Divorce?

Assets such as crypto, NFTs, online businesses, and digital wallets are increasingly common investments. However, whether they are part of the picture in a Tampa divorce can make things more complicated.

Our experienced Tampa divorce lawyer provides the trusted legal guidance clients need in these cases. Find out how digital assets are handled during Hillsborough County divorce proceedings and how to protect them.

How Florida Law Treats Digital Assets in Tampa Divorce Proceedings

Under Section 61.075 of the Florida Statute, any assets a couple earns or acquires while married fall under the category of marital property and are subject to equitable division in a Tampa divorce. Digital assets are no exception.

Whether Bitcoin, Ethereum, NFTs, monetized social media accounts, and online business interests were purchased in your name, your spouse’s name, or held in a private wallet makes no difference under Florida law.

What does matter is when the assets were acquired and how they were handled during the marriage:

• Crypto purchased before the marriage is generally nonmarital property, though increases in value during the marriage may still be subject to division.
• Using joint funds to buy cryptocurrency, even if only one spouse managed the account, can convert it into marital property.
• Because blockchain transactions are timestamped, they can help establish exactly when assets were purchased and who funded them.
• NFTs and digital business interests present additional complexity because their value is often subjective and requires expert analysis.

Valuation is one of the trickiest parts of dividing crypto, since prices can swing dramatically between the date you file for a Tampa divorce and when you get a final order. Under Florida Statute 61.075(7), judges have discretion to choose a valuation date that is fair given those fluctuations.

Hidden Crypto and How Tampa Courts Address It

No doubt dividing digital assets in a Tampa divorce presents challenges, and one of the biggest is that these assets are easy to hide. Unlike a bank account, home, or other valuable property, cryptocurrency can be held across multiple private wallets with no obvious paper trail.

Florida requires full financial disclosure in divorce proceedings. To ensure all digital assets are disclosed and that you get your fair share, take these steps:

• Check bank and credit card statements for transfers to crypto exchanges.
• Get screenshots, account statements, and transaction histories for these accounts.
• Review joint tax returns for hidden digital assets.
• Flag any large, unexplained transfers of funds in the months leading up to the divorce.

In addition to the above, have an experienced Tampa divorce lawyer request formal discovery of all digital asset accounts and transaction records.

Consult Our Experienced Tampa Divorce Lawyer

In a Tampa divorce, digital assets can represent significant amounts of money. For help in getting your fair share, contact our Tampa divorce lawyer.

At Bubley & Bubley, P.A., we provide the experienced, trusted legal representation you need to protect your rights and make sure every asset is identified and fairly valued. Request a confidential consultation today.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html