Ten years ago, few people had ever heard about cryptocurrency. Today, millions of Americans have invested in companies like Bitcoin. In fact, over five percent of Americans, or over 15 million, have purchased Bitcoin alone, the most popular type of cryptocurrency, with the average American investing around $3,400. Some individuals have invested far more than this. And, because cryptocurrencies like Bitcoin rise and drop in value drastically at any given month, many people have made small fortunes with an early investment before 2018. In fact, one Bitcoin was worth around $700 in 2016. Today, one Bitcoin is worth roughly $3,800. That represents an increase in value of over 540 percent. As such, if someone invested $5,000 back in 2016, their investment would now be worth over $27,000. Interestingly enough, this can cause issues during the division of assets in a divorce.
One of the main aspects of divorce is dividing assets. Here in Illinois, marital assets are divided in an equitable fashion. This does not mean that all marital assets are split down the middle 50/50, however. When a couple cannot come to terms on their own or through mediation, a judge will divide the assets fairly or equitably.
What Is Marital Property?
Property owned before marriage is personal property. The value of this personal property, which may grow during the course of the marriage, remains personal property. Marital assets and property include everything that was acquired during the marriage. This includes bank accounts, real property, savings accounts earned with one party’s income, cars, and more. The only types of property acquired during a marriage that are not considered marital property are gifts, settlement or lawsuit awards, and inheritance....