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Divorce and Cryptocurrency

Divorce and Cryptocurrency dealings, like Bitcoin mining can be difficult to track.

Divorce And Cryptocurrency

If you think your ex-spouse may be hoarding cryptocurrency as part of your divorce proceedings, talk to our expert team of lawyers at Alliance Family Law. Call 62232400 for an appointment. What should you be looking out for? Well, when it comes to divorce and cryptocurrency it’s not as easy to track as other funds and currencies held in the usual financial institutions but all is not lost!

Five Great Tips On Divorce And Cryptocurrency Fraud.

  1. People can’t help talking about crypto so if your ex has been talking about his crypto dealings in the past, make notes of everything you can remember and tell your lawyer so they have enough information to ask the right questions.
  2. Look for fairly anonymous ‘wallets’ or folders that might have very odd names – in both hard copy in files, or on computers.
  3. Copy any relevant documents or files that you have access to, or take a photo of computer screens.
  4. Make sure your ex knows they have a legal duty to disclose cryptocurrency (like any other asset). This is enshrined in the family law legislation and regulations dealing with divorce and property settlement.
  5. All is not lost if they don’t. If they don’t disclose it, and you later find out they had it but didn’t disclose it, you can apply to re-open proceedings even after final orders have been made.

If you suspect cryptocurrency exists, we have legal and strategic methods to find out about it: there is almost always some sort of electronic trail of breadcrumbs leading to it, if you know where to look.

Alliance Family Law has access to all sorts of tax and financial professionals who can give independent financial advice on how any gains achieved in cryptocurrency should be treated. Our expert lawyers can also advise on how losses should be treated, and how relevant it is whether you knew about the trading or not.

If you suspect your spouse has cryptocurrency assets, talk to our expert team at Alliance Family Law (located in Canberra with satellite offices in Victoria and NSW) about our initial zoom at a discounted rate to get some more understanding of this asset class, along with the more ‘ordinary’ ones.

More about divorce

The Federal Circuit Court And Family Court of Australia website provides a range of information about financial settlements.

We get asked a lot of questions about divorce and the first thing we point out is that you are not alone. Many people are either going through or have been through what you are now experiencing. In fact almost everyone will suffer the breakdown of a long term relationship at some time in their life, if not first hand, then indirectly through a friend or family member. There’s no shame in it, it’s just part of life. A really difficult and tough part – but you will get through it.

Whilst families are a basic unit in our society, patterns of cohabitation, separation, and divorce have resulted in many differences in family structures. In recent years the rate of marriage has remained stable although Australians have been marrying when they are older and delaying having children until later in life. Today, more Australians are in de facto relationships than ever before.

If you believe your marriage has broken down, you are entitled to a divorce if that’s what you want. For centuries divorce has been complicated and difficult. In some countries and cultures, and by some religions it is still either illegal or frowned upon. That is not the case in Australia. In Australia, divorce is simply “the legal dissolution of a marriage by the Federal Circuit Court”.

Our advice is that if you have separated, and the circumstances and consequences have been fully considered, and if there is no prospect of reconciliation, then seriously consider winding up joint affairs and filing for divorce. Whilst a sensible period post-separation may help wounds to heal and allow proper reflection, our experience is that the longer you leave it the more painful, complex, and expensive it can get.  If your plan is to move on and start a new life, maybe with a new relationship, the sooner everything is sorted out the better.

This section of our website has a list of FAQs that may help you to understand more about what’s going on.

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