News

Jo Carr-West comments in Bloomberg on how cryptocurrency is impacting divorce settlements

  • February 26, 2018
  • By Jo Carr-West, Partner

Bitcoin Bitterness Starts to Make Messy Divorces Even Worse

Divorces are messy, and cryptocurrencies are helping to make them a whole lot more so.

Virtual currencies such as Bitcoin and Ethereum are a new challenge for lawyers, plagued with volatility and secrecy that is extending the already painful process of dividing a couple’s assets.

The rising popularity of Bitcoin — and for a while at least, its rising value — means more separations involve the currency, which is difficult to trace and hard to value. Although parties have a duty to provide full disclosure of their assets in a divorce, the anonymous nature of cryptocurrencies potentially make them a safe haven for spouses wishing to hide their money from a warring partner.

If one side decides not to disclose or provide evidence of their holdings, the divorce process becomes more expensive and time-consuming, and could result in the partner failing to get a fair share of assets. This can amount to a lot of money in the U.K., which has a reputation of being a more sympathetic place to play out high-stakes divorces, because judges generally order a 50-50 split of assets, giving equal weight to the work of a wealth creator and a partner.

“It’s creating another layer of distrust that we haven’t had to deal with before,” Jo Carr-West, a partner at London-based Hunters, said in an interview. “The public perception that there is a lack of a paper trail causes the anxiety.”

This article was originally published in Bloomberg Technology and can be accessed here.


Related News

Jan 20, 2022
Henry Hood interviewed by Citywealth
Jan 17, 2022
Family Mediation Week: Nicole Derham discusses qualifying as a family law mediator
Jan 17, 2022
Henry Hood discusses how divorce settlements can be influenced by personal asset management during a marriage in STEP Journal Plus
Dec 30, 2021
Henry Hood comments on the highest post-divorce financial settlement awarded by an English court in New Law Journal
Dec 21, 2021
Henry Hood and Eri Horrocks discuss the consequences of failing to make a payment under a court-ordered divorce settlement in EPrivateClient
Dec 15, 2021
Henry Hood and Anna Roiser examine privacy and transparency in financial proceedings on divorce
Dec 10, 2021
Henry Hood comments on Frederick Barclay faces a possible prison sentence after failing to pay a £50m divorce settlement in The Legal Diary
Dec 03, 2021
Philippa Kum discusses arrangements for children of separated parents over the Christmas holidays
Nov 26, 2021
Henry Hood examines the case of WX v HX [2021] EWHC 241 and divorce settlements in EPrivateClient
Nov 25, 2021
Henry Hood awarded Family Law Partner of the Year at the Family Law Awards 2021

© Hunters Law LLP 2022 | Privacy NoticeLegal & Regulatory | Cookies Policy | Complaints Procedure.

Hunters Law LLP is authorised and regulated by the Solicitors Regulation Authority (number 657218)