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Dealing with bitcoin assets in divorce

Texas is a community property state, so when couples get a divorce there, the property they have acquired since the marriage is considered shared property and divided accordingly. While this usually means dividing things like homes and bank accounts, there is also a possibility that one person might have bitcoin investments.

Bitcoin used to have little value and was little known, but that has changed. However, the nature of cryptocurrency means that it can be an asset that is easily concealed even though couples going through a divorce are not supposed to do this with any of their assets. A person might even claim to have given away the bitcoins.

A sizable bitcoin investment could even be one of the contributors to the divorce since the person who owns it might have spent a lot of time acquiring the bitcoins. However, the idea of splitting the currency raises some questions. For example, it might be unclear whether the division is based on the current market price or purchase price. People might grapple with other issues as well such as whether they would prefer to take a percentage of profits on the bitcoin over a certain period of time or a lump sum.

Ownership of bitcoins may raise some specific issues as part of a complicated divorce that might have to be worked out by attorneys and a judge unless a couple can come to an agreement. However, in some ways, dividing other assets can involve similar issues. For example, a couple may look at the value of the home and a retirement account and assume that because they are similar, they have the same worth. This does not take into account the fact that there are costs to maintain a home or that there might be penalties for making withdrawals on the retirement account.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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