Tag Archive for: equitable distribution

Divorce: Is Bitcoin a Marital Asset?

Bitcoin has sure been in the news a lot lately.  The cryptocurrency, though volatile, has traded at over $50,000 in recent weeks.  Billionaires have publicized opposing views about Bitcoin, with Bill Gates warning investors to stay away while Elon Musk has sung its praise.  Regardless, more people seem to be getting on the Bitcoin bandwagon, and thus it is popping up more and more in divorce matters.

In fact, you may be wondering: Is Bitcoin a marital asset for purposes of divorce?

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Top 3 Tips To Prepare For Divorce

Now may be a tough time if you are considering divorce.  Your mind is racing, your future is unsettled, and your questions are unanswered.  But rest assured, there are things that you can do to prepare for divorce.

Here are the top 3 tips for you to consider when you are preparing for divorce.

1.  Gather Your Financial Documents

As part of any divorce process, you and your spouse are going to need to divide your marital assets and debts.  These could include funds in checking accounts, savings accounts, money market accounts, retirement accounts, investment accounts, and other accounts.  These would also include liabilities such as mortgages, credit cards, charge cards, and loans.  Your marital assets might also include cryptocurrencies, such as Bitcoin, Bitcoin Cash, or Ethereum.  You should make sure that you have access to (or make copies of) documents, statements, and/or screenshots reflecting all of these so you and your lawyer know what there is to divide.

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Is There A Better Way To Divorce?

Divorce is never easy.  I oftentimes hear people going through the stages of grief when discussing divorce, as if a loved one has died.  And, in a very real sense, divorce does signify the death of a relationship.

But imagine if, when a loved one died, you then picked a battle and entered a very public adversarial court system.  Your every move is scrutinized by a lawyer looking to portray you in the very worst light.  You are subjected to depositions and court hearings and a wide-net fishing expedition through all of your personal and financial matters.  And, all of this could be exposed to public scrutiny, as hearings and the court file are open for public viewing.

All of this, while you are experiencing the grief and trauma of death.  In this case, the death of a relationship.

There has got to be a better way to divorce, right?  To avoid the public indignity of an entrenched fight, right?

Fortunately, there are alternatives.  One alternative, which in this lawyer’s opinion is best for most families, is collaborative divorce.

Non-Adversarial Process

Collaborative divorce is a non-adversarial process.  Each spouse retains a separate attorney, and the two attorneys are there solely for the purpose of reaching an out-of-court agreement.  In fact, the collaborative attorneys are prohibited by law, once a collaborative process is started, from fighting in court.

Imagine that, attorneys helping clients reach a peaceful resolution.  The attorneys spend no time, no energy, and no money on opposition research, motion practice, or demonizing either spouse.

Wouldn’t that be wonderful?

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Divorce: Who Gets The House?

If you are like most other individuals in Florida, your home is your most valuable marital asset. So if you are contemplating a divorce, one of your first questions will likely be, who gets the house, if anyone?

You may be concerned that your name is not listed on the deed of your marital home. However, in Florida, if you purchased the home during your marriage using marital funds, your home is presumed to be marital property, regardless of in whose name it is titled. This means that each spouse is entitled to half of the equity in the home (and responsible for half the loss if it has lost valued).

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What is a Collaborative Facilitator?

If you are looking at your divorce options (from traditional divorce to collaborative divorce to mediation), you may have come across the term “Collaborative Facilitator.”  What is a Collaborative Facilitator?

A Collaborative Facilitator is a neutral professional in a collaborative divorce.  He or she is oftentimes utilized as a team leader and communication specialist within the collaborative family law process.  He or she generally has a background in family dynamics, childhood development, and/or  conflict management.  A Collaborative Facilitator will have credentials and a license.  These will be in the area of marriage and family therapy, mental health counseling, social work, psychology,  or psychiatry.  However, the Collaborative Facilitator is not engaging in therapy as part of the collaborative process.

Author, psychologist, and collaborative trainer Jeremy S. Gaies, in A Clear and Easy Guide to Collaborative Divorce, discusses the role of the Collaborative Facilitator (which he describes as “coach,” using the nomenclature of the International Academy of Collaborative Professionals) in the following excerpt:

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Video: Pauline Tesler on Collaborative Divorce and Hidden Assets

 

You may be considering using the collaborative process to divorce in a more private, amicable way, but you may wonder: “What if my spouse is hiding assets?  Can we use the collaborative process? Will it work if there are hidden assets?”

Pauline Tesler & Hidden AssetsIn the video below, California attorney Pauline Tesler, a founder of interdisciplinary collaborative practice and the first president of the International Academy of Collaborative Professionals, addresses hidden assets:

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Divorce Need Not Destroy Your Small Business

Running a small business is tough enough.  Running a small business while your marriage is falling apart can be crushing.  But you don’t need to go through a traditional court battle if divorce is on the horizon.  Your business does not need to be a casualty.  There is an alternative.  There is collaborative divorce.

Small Business & Privacy

Collaborative divorce is a form of out-of-court dispute resolution that values privacy.  This means that your client lists, inventory details, and other trade secrets remain safely away from public court records.  In fact, here in Florida, the Collaborative Law Process Act and accompanying rules safeguard most communications had within a collaborative divorce.  Courts now have authority to sanction a party who reveals a collaborative law communication.

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Need Help With A Simplified Dissolution of Marriage?

Are you and your spouse in agreement on how to divide your assets and debts?  Do you not have any minor or dependent children in common?  Are you both willing to attend a final hearing for dissolution of marriage together?  Then you and your spouse may qualify for a Simplified Dissolution of Marriage.

Simplified Dissolution of MarriageAdvantages of a Simplified Dissolution of Marriage

Florida has created a special type of divorce procedure with the hope of simplifying the process.  In most actions for dissolution of marriage, court rules require you to exchange what is known as “mandatory disclosure.”  These are financial and other documents with sensitive and private information.  So, in most divorces, you would exchange several years’ worth of tax returns, along with checking and savings account statements, credit card statements, and summary plan descriptions for retirement accounts.

In Simplified Dissolution of Marriage proceedings, you are not expected to exchange these documents unless specifically requested to by one of the spouses.

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You Already Have A Prenup

Congratulations, you are getting married!  You found the person with whom you want to spend the rest of your life, and now you have a big, bright future ahead!  But now the P-word has come up: Prenup.

You and your fiance may be wondering whether to get a prenuptial agreement, also referred to as a premarital agreement.  It may be that one of you has significantly more assets than the other.  Perhaps there is a family business in play.  Maybe you have children from a prior relationship that you want to protect or you have other estate-planning needs.  Or maybe you just want to plan for all possible contingencies.

Prenup

So if you are considering a premarital agreement, there is something you should keep in mind:  You already have a prenup.

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Bitcoin and Divorce

Bitcoin and Divorce

Bitcoin is a relatively new type of currency that is not controlled by any government but rather is decentralized.  It is oftentimes referred to as a “cryptocurrency” as it is not physical.  Bitcoins are maintained in virtual “wallets” and can be transferred via QR codes.

The video below from the Wall Street Journal further explains Bitcoin:

As Bitcoin is becoming more popular, it should not be surprising that is showing up in divorce cases.  So what happens to Bitcoins in divorce?

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