Eleanor Moodey Senior Associate Penningtons
Cryptocurrencies and other digital assets have become an integral part of many individuals' financial portfolios with a growing number of people using them to diversify their financial holdings. Consequently they are increasingly becoming a source of financial contention when couples undergo divorce proceedings.
Currently there is a great deal of confusion and complexity in family law concerning digital assets which is exacerbated by the lack of clear definitive guidelines – though hope remains that there will be further clarity in the future.
Nevertheless whether an individual's digital asset holdings are substantial or modest it is crucial for family lawyers to be able to understand how these assets work in relation to issues such as quantum value and accessibility and to be capable of providing guidance to divorcing couples regarding the treatment of digital assets by the courts.
This article reviews the current legal landscape governing the use and disposal of digital assets including the Law Commission’s 2023 report and its recommendations for reform ...
Read the full article here.