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Month: March 2025

Cryptocurrency in Divorce: Tracing, Valuing, and Dividing Digital Assets in High-Net-Worth Separations

March 20, 2025

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Thursday March 20th, 2025.

Divorce often reveals individual personalities as spouses rush to protect themselves. One of the most contentious issues in divorce is property division. Cash and real estate are easy to divide because they can be valued. However, it’s hard to track crypto because its value fluctuates. 

Florida law stipulates that any cryptocurrency bought during the marriage is marital property that should be split fairly. However, how do you find, value, and split the crypto properly?

Finding Hidden Cryptocurrency

Some people try to hide digital assets during a divorce. Since cryptocurrency wallets aren’t always linked to banks, crypto can be moved or stashed without leaving a clear trail. That doesn’t mean it’s impossible to find.

Here’s how attorneys and financial experts track hidden crypto:

  • Bank and credit card records: Large withdrawals or payments to crypto exchanges.
  • Tax returns: The IRS requires people to report crypto gains. Missing or inconsistent tax documents might hint at undisclosed assets.
  • Forensic accountants: Follow digital footprints to trace where money has gone, including crypto transactions.
  • Subpoenas to exchanges: If a spouse is suspected of hiding funds, legal action can force platforms to turn over transaction history.

Putting a Price on Crypto Assets

Unlike cash or stocks, cryptocurrency doesn’t have a fixed value. Courts usually pick a specific valuation date, such as the date of separation or the divorce filing, to set the value.

Some factors that go into valuation include:

  • Current market price: What the cryptocurrency is worth at a given moment.
  • Historical prices: Past transaction records may be useful if assets were moved before the divorce.
  • Expert analysis: Financial professionals may be needed to determine fair pricing and predict future value shifts.

Splitting Cryptocurrency in a Divorce

Once the value is set, the next step is deciding the share each person gets. There are three main ways this is handled:

  1. Direct transfer: The crypto is split and sent to each spouse’s separate digital wallet.
  2. Asset trade: One spouse keeps the crypto while the other receives something else of equal value (like cash, stocks, or property).
  3. Sell and split: The crypto is sold, and both spouses divide the profits.

If you need help handling cryptocurrency in your divorce, contact Wickersham & Bowers today for expert legal guidance.

Postmortem Estate Planning: Correcting Errors Through Disclaimers, Decanting, and Judicial Reformation

March 20, 2025

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday March 20th, 2025.

Nobody likes to think about what happens after they’re gone, but estate planning is supposed to make things easier for loved ones. The problem is that wills and trusts don’t always get it right. There could be a typo, the law changed, or the document doesn’t reflect what the person really wanted. The good news is that mistakes in estate plans can be fixed, even after death.

Florida provides legal tools like judicial reformation, trust decanting, and disclaimers to help correct errors and ensure assets go where they should.

Judicial Reformation

A will is supposed to be final. However, Florida Statute § 732.615 allows courts to fix mistakes of fact or law if there’s clear and convincing evidence of an error. Judicial reformation lets a judge rewrite a will to match what the deceased actually intended.

For example, if a will leaves property to “John Smith” but the testator meant “Jon Smyth,” the court can step in and correct the mistake. Even if the will seems clear on paper, courts can look at outside evidence, like emails or witness testimony, to determine what was really supposed to happen.

Decanting

Unlike wills, trusts are harder to change, especially if they’re irrevocable. However, according to Florida Statute § 736.0415, trustees can “decant” a trust. They can move assets from an old trust into a new one with better terms.

Decanting might be necessary when:

  • The trust has outdated terms that make managing it difficult.
  • Tax laws change, and the current trust structure no longer makes sense.
  • The beneficiaries’ needs have shifted, and the trust needs to be more flexible.

Disclaimers

Sometimes, a beneficiary doesn’t want an inheritance. Some of the reasons could be that inheritance comes with tax burdens, or maybe they’d rather have it go to someone else. A qualified disclaimer lets them legally refuse the inheritance without penalty.

To work, the disclaimer must be:

  • In writing
  • Filed within nine months of the decedent’s death
  • Irrevocable (once you disclaim it, you can’t change your mind)

If you need help fixing an estate plan, contact Wickersham & Bowers today to get the right legal guidance.