The rise of cryptocurrency has given rise to new legal issues, one of which is the division of digital assets during divorce. Unlike traditional assets, cryptocurrency is decentralized, making the process of dividing it more complex.
Ukrainian Cryptocurrency Legislation
Currently, there is no clear legal regulation of cryptocurrency in Ukraine. They are defined as “unsecured virtual assets” according to the Law “On Prevention and Counteraction of Legalization (Laundering) of Proceeds from Crime and Financing of Terrorism”. This means that cryptocurrency is not recognized as a currency, but it is not prohibited either.
Voluntary Division
The easiest way to divide cryptocurrency between spouses is to conclude a property division agreement. This document must be notarized and contain clear information on how the cryptocurrency will be divided, including:
- The amount of cryptocurrency to be divided;
- Types of cryptocurrencies;
- Wallets where assets are stored;
- Procedure and terms of transfer of cryptocurrency.
Judicial Division
If the spouses cannot agree on the division of cryptocurrency, they will have to go to court. A family lawyer will help you correctly file a lawsuit and represent your interests in court.
Difficulties of Cryptocurrency Division
The division of cryptocurrency during divorce can be a difficult task for several reasons:
- Anonymity: Cryptocurrency transactions cannot always be traced, making it difficult to determine the actual number and value of assets.
- Volatility: The cryptocurrency rate can change dramatically, making property division unpredictable.
- Technical Difficulties: You need to have the knowledge and skills to access cryptocurrency wallets and transfer assets.
Recommendations
To facilitate the division of cryptocurrency during divorce, it is recommended to:
- Draw up a prenuptial agreement: It can clearly define how the cryptocurrency will be divided in case of divorce.
- Keep records of cryptocurrency assets: This will help you prove in court how much cryptocurrency you own.
- Seek legal advice: A family lawyer will help you correctly оформить and represent your interests in court.
Conclusion
The division of cryptocurrency during divorce is a complex task, but it can be solved with the help of a lawyer. Drawing up a prenuptial agreement, keeping records of cryptocurrency assets, and seeking legal assistance will help you make the property division process smoother and fairer.
More information at this link: https://www.grandliga.com.ua/en/division-of-cryptocurrency-in-the-context-of-property-division-in-divorce/