UK Divorce Lawyers Say Settlements Harder in Times of Blockchain
Divorce lawyers in the UK are struggling to come up with settlement agreements over crypto-currencies.
Spouses embroiled in divorce battles are making use of blockchain technology to ensure their partners are cheated out of fair divorce settlements, reported Coinlist.me.
Funds are being siphoned off through shady investments in crypto-currencies, like Bitcoin and Ethereum, the report added. A woman told Coinlist that her husband was responsible for a loss of £80,000 of their shared assets, which are now valued at £600,000.
According to the report, law firm Royds Withy King, which is handling three such cases before the English courts, has stated that cases involving thousands of pounds of currency are turning out to be hard legal battles.
Divorce law firms are advising spouses to seek “the disclosure and a potential share of crypto-currency assets, ” the report added.
With Bitcoins becoming a “hide and seek tool for divorce,” the lawyers are required to be increasingly creative in order to trace funds being funnelled away.
Mark Phillips, a partner in the family team at Royds, said that someone’s investment in digital currencies will be hard to prove.
The English divorce courts can be hard to persuade to endorse costly fishing expeditions potentially involving teams of forensic accountants and IT experts.Mark Phillips, a partner at Royds Withy King
“The reality is that divorce lawyers and the courts are going to have to be flexible and adapt fast to crypto-currencies and their early adopters,” Mark Philips added.
Countries around the world are devising ways to implement regulation for digital currencies.
Meanwhile, the Indian government does not consider crypto-currencies to be legal tender. Finance Minister Arun Jaitley, while presenting Union Budget 2018 on 1 February, said that India will explore ways to devise a financial architecture using blockchain technology, Mint reported.
Jaitley added that the government will take measures to eliminate illegitimate use of crypto-assets as part of financial activities or as part of the payment system, the Mint report added.
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