We’re living in a digital age and that means we’re also divorcing in one. As the world is changing by way of currency and assets with the growth of blockchain, the process of division and divorce is changing too. As with any asset, non-fungible tokens (NFTs) certainly play a role in a divorce settlement. This opens the door to even more complex and detailed assessments, conversations, and decisions.
That’s one of many reasons why it’s essential to have an experienced and knowledgeable attorney guide you through the divorce process. Here at AN|R Law: A Negotiated Resolution, I’ve handled many cases that involve NFTs and cryptocurrency. While it adds another layer of complexity, I have extensive experience in these types of cases and have received professional background training in understanding the process of how it impacts divorce. Through research, I’ve learned the ins and outs of the top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), USD Coin (USDC), Terra (LUNA), XRP (XRP), Cardano (ADA), Solana (SOL), and Avalanche (AVAX).
In addition to choosing the right attorney, it’s also important to choose a divorce process that offers the necessary resources and support for digital asset and cryptocurrency distribution. While the traditional divorce path involving litigation may be what you’re most familiar with, this process will likely involve contentious, lengthy, and expensive court battles. That’s why I advocate for out-of-court divorce methods like collaborative law, mediation, or settlement negotiation. With more than 10 years of experience in these types of alternative dispute resolution methods, I am confident that these are truly the healthiest divorce options. Considering the complexity and detail needed for division of digital assets such as NFTs and cryptocurrency, collaborative divorce may be the best option for a variety of reasons:
1. Utilizing Neutral Financial Experts
When you choose to handle your divorce through collaborative law, you get access to a full team of professionals. As part of that, your collaborative-trained divorce attorney can bring in neutral third-party experts who have backgrounds in various specialties. When dealing with NFTs or cryptocurrency, AN|R Law will utilize professionals in this field who are proficient with these types of currencies and assets. Through our work with financial specialists who have collaborative law training, we are able to skillfully and thoughtfully create an asset distribution plan that is in line with all laws and regulations. In addition, the experts involved in your divorce will also be skilled in identifying positive and negative tax consequences, insurance regulations, and business valuations.
2. Finding Hidden Assets
With the help of experts, we can also track down any potential cryptocurrency or NFTs that may be hidden. As many will admit, an added benefit of blockchain is anonymity and grey areas. With our team of knowledgeable blockchain specialists, we are able to follow patterns and track statements where NFTs or crypto may be hiding. We hope your soon-to-be ex-spouse isn’t stashing anything away, but if they are, we want to find it. With collaborative law, this process will help you both achieve a fair divorce settlement without stepping foot into a courtroom.
3. Understanding High Value
In a collaborative divorce, we have the skills, tools, and resources needed to settle high net worth divorces. When NFTs and cryptocurrency are involved in a divorce, this can often equate to a lot of financial and monetary value. That said, these circumstances often need a legal team that is extremely detail-oriented. Here at AN|R Law, my team of legal professionals is experienced in high net worth divorces that involve a variety of assets such as cash, stocks, investments, businesses, and property, as well as NFTs and cryptocurrency. Couples with these types of marital assets are likely to face complicating factors during their divorce. The equitable distribution of digital property can be a difficult process, so it’s essential that you have an attorney who you can trust.
4. Planning Future Finances
As we look at the overall finances of a marriage, collaborative law prioritizes creating a financial plan for the future. During this process, spouses will work with their individual attorneys and if necessary, an external financial specialist or coach, to complete a financial plan. You and your spouse will create an asset and debt distribution plan, a cash flow plan, and medical care coverage plan. If children are involved in the divorce, a plan to cover their financial needs will also be created. We can also discuss how you’ll personally handle NFTs and cryptocurrencies after your divorce. If desired, we can set up meetings with external specialists for additional guidance or support for utilizing these types of assets.
5. Focusing on Respect
A collaborative divorce is widely considered a healthy divorce process. While it is extremely detailed, especially when dealing with NFTs and cryptocurrency, it is also a process that focuses on respectful communication and mindfulness. In collaborative divorce, my clients often say that it was a win-win for them and their spouse, along with their children. From the division of assets and distribution of property to the future financial plans and parenting plans, the collaborative process prioritizes the needs of everyone involved. You can learn more about the overall benefits of collaborative law through my book, The Cure for Divorce Culture, and my podcast, “Divorce, Healthy!”
It’s also important to note that if you and your spouse aren’t completely decided on pursuing a divorce and are still working on your marriage, you may want to consider having an attorney draft a postnuptial agreement. This type of agreement creates a framework for what would happen if you and your spouse did end up divorcing. These types of agreements are quite common, especially if financial situations have changed during a marriage. This can include the building of wealth through investments, NFTs, and/or cryptocurrency. You can read more about postnuptial agreements in a recent informative article I wrote by clicking here.
If you and/or your spouse have NFTs or cryptocurrency and are considering divorce, it’s important that you choose an attorney who has training in this sensitive, yet complex matter. Here at AN|R Law, we have more than a decade of experience in asset division and creating divorce agreements that work for both spouses involved in the settlement. We also have the knowledge and skill to navigate divorce agreements that involve NFTs and cryptocurrency asset division and distribution. Whether it’s Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, Terra, XRP, Cardano, Solana, Avalanche or one of the many other tokens, AN|R Law can help. Plus, with four law office locations across North Carolina in Raleigh, Greenville, Beaufort, and Wilmington, we are proud to have an extensive network of professionals and experts who are highly-trained in NFTs and digital currency.
To learn more about working with AN|R Law: A Negotiated Resolution for divorce and other family law matters in North Carolina, please reach out to our office by calling 252-702-4376. We would be honored to serve you and your family.
If you’re interested in learning more about this topic or inviting me, Ashley-Nicole Russell, to speak at your event or conference, I’d love to talk with you about the opportunity. I currently booking in-person and virtual speaking engagements for 2022 and early 2023. Please reach out to me by emailing email@example.com. I look forward to speaking with you.