- Leon Neal/Getty Images
- UK law firm Royds Withy King advising on three divorce cases involving cryptocurrencies.
- One case involves a crypto haul worth £600,000.
LONDON – A UK law firm is advising on three divorce cases involving cryptocurrencies.
UK law firm Royds Withy King said on Wednesday that it is working on three cases where “spouses are seeking the disclosure and a potential share of cryptocurrency assets.”
The cases involve bitcoin, litecoin, ripple and ethereum.
Two of the cases are understood to involve small sums but the third involves cryptocurrency worth £600,000. The husband in the case initially invested £80,000 in cryptocurrencies, a sum that has ballooned thanks to the bull run in the market before Christmas.
The cases, which are in South West London and Oxfordshire, represent a nascent new area for divorce lawyers. Cryptocurrencies are largely unregulated around the world, existing in something of a grey area.
Vandana Chitroda, a partner in Royds Withy King’s Family team leading the divorce cases in London, said in an email: “These are the first cases we have seen, and we expect to see many more.
“We believe that cryptocurrencies will be a significant feature in a large number of divorces. Whilst cryptocurrencies are volatile, they are not going to go away. It is important that if you believe your husband or wife has invested in or purchased cryptocurrencies, such as Bitcoin, and you are separating, you tell your legal adviser.”
The recent cryptocurrency boom is not just generating new business for divorce lawyers, with many tax advisors and accountants also seeing an uptick in enquiries about how to properly account for their crypto gains.