How Cryptocurrency Is Complicating Divorce Proceedings

When you look around at all of the mobile phones, virtual reality headsets and voice-activated personal assistants, it’s clear to see that the future is already here. The unstoppable rise of technology is shaping the way the world works; having a game-changing impact on almost every single industry in the world. Of course, the LawOn app is a perfect example of that.

In the last few years, cryptocurrency has emerged as the latest innovation to launch the world towards its futuristic setting. With digital currency such as bitcoin, ripple and litecoin seeing major spikes towards the end of 2017, it seems that suddenly everyone wants to jump on the cryptocurrency bandwagon.

However, so many of these people forget to consider one very important thing: the legalities of digital currency. Since these currencies are mostly unregulated and offer a brand-new challenge for legal teams all over the world, divorce solicitors are suddenly scratching their heads as to how they should deal with these new digital assets.

There have been a couple of cases in recent months where a divorcing couple have had a legal dispute over the cryptocurrency they own. On the whole, these have been moderately small amounts of money, but there has been a particular case where the currency was worth in excess of £600,000. Following heavy investments and that aforementioned spike last December, the value has suddenly exploded- and posed a major problem in the process.

According to Business Insider, this couple (and two others) are still fighting over the potential share of the cryptocurrency, while experts warn that this is a complication that will grow in frequency in future. As the value of bitcoin continues to rise and more people start to invest, it’s only natural that we should expect to see cryptocurrency become a major part of divorce law in the UK.

The real problem lies in the lack of regulations and laws involved with cryptocurrency. For the time being, divorce solicitors are having to stumble around in the dark somewhat, while it’s clear to all of us here that strict laws need to be introduced in the near future.

This kind of complication obviously makes it even more essential for those undergoing divorce proceedings to seek legal advice, as the confusion surrounding the law here means that you’ll certainly need help from the right solicitor.

The rise of cryptocurrency is yet another clear sign that it’s time for the legal world to evolve and embrace new technology- and that’s where LawOn come in. We’ve developed an innovative free legal advice app for iOS and Android, making it easier than ever for you to speak to a solicitor about your divorce proceedings.