Child Custody "No Fault" Divorce Law Michigan has enacted a no fault divorce law, pursuant to which residents of Michigan can obtain a divorce without establishing that the other party did something wrong.
Write a comment In Illinois, incident to resolving a divorce case, all assets and liabilities are required to be identified, valued, and allocated between the parties equitably. With the rise of the digital age, issues of valuation have expanded to the world of cryptocurrencies such as Bitcoin.
Valuation, however, is not the only issue involving bitcoin and divorce. Today, divorcing parties and their attorneys must be diligent in approaching bitcoin and all other cryptocurrencies for that matter during divorce.
While identification of the existence of bitcoin or other cryptocurrency is the starting place, one must first understand what bitcoin is.
Bitcoin is an electronic currency that allows users to transfer funds directly to one another through a peer-to-peer system without the need for a middle man, like a bank or Western Union.
It does not have governmental backing. According to the Journal, its extreme price volatility significantly diminishes its usefulness as a reliable unit of account or effective means of payments. Bitcoin might, however, serve as a sustainable store of value, like gold.
Michael Leon, a financial and cryptocurrency expert with Athena Investor Services stated: The first is dealing with a spouse who is determined to use bitcoin to hide assets, much the same way as a spouse might have used an overseas bank account to hide assets in divorce years ago.
Because there are no middle men required like a bank, government entity, or wire transfer facility in the transfer and use of bitcoin, obtaining a paper trail can be difficult. Unlike transfers in and out of a bank account for which one can request copies of statements, bitcoin transfers occur primarily via the web or in cash.
Further, the peer-to-peer trading concept of bitcoin, although easy for the user, proves extremely difficult for purposes of identification.
Regardless, there a few necessary steps divorce attorneys can take when dealing with bitcoin. First, attorneys should be sure to include in their standard discovery a request for all information regarding bitcoin and cryptocurrency in general. Inquiring about unexplained outgoing wire transfers should be made.
Bitcoin can be owned individually or through an exchange and can be bought and sold person to person or through an exchange.
Perhaps a records subpoena should issue to one or more exchanges that trade bitcoins. Also, government regulations are in their beginning stages. The IRS is now looking at gains on the sale of bit coins as a reportable taxable event, which would provide another avenue for discovery.
The second primary issue related to bitcoin and divorce is the market volatility. As discussed above, valuation of assets is a key component to resolving a divorce. Because of the extreme price volatility of the cryptocurrency market, valuation of said asset may prove difficult.
Divorce, also known as dissolution of marriage, is the process of terminating a marriage or marital union. It usually entails the canceling or reorganizing of the legal duties and responsibilities of marriage, thus dissolving the bonds of matrimony between a married couple under the rule of law of the particular country or state. Divorce laws vary considerably around the world, but in most. Jul 13, · Most women are aware that they will need to provide for their own health insurance after divorce, but many neglect to consider other types of insurance . Real help for people involved in child custody -- initial determination of custody or change of custody -- or divorce. This listing of individuals, groups, companies, services, organizations and professionals can make a difference today.
According to Michael Leon: Is valuation of bitcoin like trying to catch a falling knife when its price is dropping? In cases where there is extreme volatility, a division in kind may make the most sense.
Ultimately, the rise in the digital age poses additional challenges to resolving divorce cases. In order to promote an equitable division of the marital estate, divorce attorneys should take necessary measures through specific discovery to ensure protection for the non-cryptocurrency holding spouse.Criticism can be useful, but it can also be hurtful and destructive.
So before you allow someone's comment to upset you, first weigh up what was said. Like marriage, divorce in the United States is under the jurisdiction of state governments, not the federal government.
Divorce or "dissolution of marriage" is a legal process in which a judge or other authority dissolves the bonds of matrimony existing between two persons, thus restoring them to the status of being single and permitting them to marry other individuals.
The couple announced their split to PEOPLE in December. Nearly a month after the couple announced their split after seven years of marriage in an exclusive statement to PEOPLE, Tarek’s lawyer.
Divorce cases are often difficult and emotionally taxing for all parties involved. It is important to have an attorney who is sensitive to your needs, and who can formulate a plan to protect your rights and assets. Real help for people involved in child custody -- initial determination of custody or change of custody -- or divorce.
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