Divorce Cases in UK Seek Settlement of Cryptocurrency Assets

https://blog.cheapism.com/

London — UK-based law firm Royds Withy King is representing three cases of divorce involving settlements of digital currency assets including Bitcoin, Litecoin, Ripple, and Ethereum.

As reported by Business Insider dated February 15, Royds Withy King is currently handling three divorce cases in which “spouses are seeking the disclosure and a potential share of cryptocurrency assets.”

Among the above-mentioned cases filed in Oxfordshire and South West London, one of which notably involves a staggering £600,000 worth of digital assets. Based on the case, the spouse has initially bought a sum of £80,000 worth of cryptocurrency, which has since multiplied exponentially, largely due to last December’s significant market increase.

Given the digital currency’s lack of a globally established regulation, such cases with no legal precedence constitute a relatively emergent area for the legal profession. As Royds Withy King’s firm partner Vandana Chitroda has stated on Business Insider:

“These are the first cases we have seen, and we expect to see many more.”

“We believe that cryptocurrencies will be a significant feature in a large number of divorces. Whilst cryptocurrencies are volatile, they are not going to go away. It is important that if you believe your husband or wife has invested in or purchased cryptocurrencies, such as Bitcoin, and you are separating, you tell your legal adviser,” Chitroda concluded.

As the digital currency industry continues to rise at an unprecedented rate, the industry is gradually expanding field areas, not only in the legal profession but also in the financial sector.