Divorce is never fun. Since there are very few cases to date that unhappy couples have squabbled over altcoins.
A divorcing couple is fighting for control of Bitcoins worth a total of $830,000. It is not the only case that Royds Withy King is addressing about cryptocurrency. The two are “seeking the disclosure and a potential share of cryptocurrency assets.” However, there are no laws to govern these cases.
The digital currencies are now worth that much after the husband invested value of $110,000.
The lawyer says the number of cases is likely to increase. He says although digital currencies are volatile, they are not expected to disappear.
Royds Withy King partner Vandana Chitroda said,
“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”.
He advises those who are separating to inform their legal adviser in case there is controversy involving Bitcoins.
Invested more than agreed
Another Reddit user told, a month ago, how Bitcoin controversies contributed to breaking his marriage. He said although most part to blame was his actions, Bitcoin added.
His side of a story started when he and his wife agreed to redraw $50k to buy Bitcoin from part of their $200k equity. He did. Later on, he spent more money to buy Bitcoin without telling or agreeing with his wife about it. He said the Fear of Missing Out was so intense as Bitcoin price rose to the rooftop.
“I saw the price climbing rapidly and had visions of telling my wife over Christmas cocktails that we were going to buy a new car with our incredible windfall. So without her knowledge, I decided to buy in with the remainder of our equity – all $150K and go along with the bulk of it.”
His wife knew something was wrong because he was continually checking the portfolio since the crash. He lost. Then he told her everything.
“I won’t go into the specific details but to say there was a lot of yelling, crying and screaming – all of it directed at me. I agreed to cash out what little BTC I had left and return it to the mortgage account. She packed her suitcase and called her sister who picked her up close to midnight and left without saying another word.”
He cashed out all BTC to transfer to their account then he told her wife about it, but she replied with a text “it’s over, you’re reckless and stupid, and I’m leaving.”