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Kim Kardashian’s divorce decision attracts Bitcoin in the spotlight

Kim Kardashian's divorce decision attracts Bitcoin in the spotlight

An American socialite, Kim Kardashian, is currently in the headlines as there are reports that she is getting a divorce from Kanye West. The report asserts that after six years of marriage, they have eager to get divorced. During divorce proceedings, one may develop speculations about Kim Kardashian’s Bitcoin and who will receive it. In July 2018, chairman and co-founder of Bloq, Matthew Roszak, publicly gifted 1 Bitcoin to Kim Kardashian.

Besides other properties, the prominent focus will be on bitcoin as well. Norman Fernandez, a California-based attorney, states that if they do not have a prenuptial agreement, the bitcoin will be community property. The income that is acquired after marriage comes under community property. Moreover, both the partners get an equal share of the community property during the divorce procedures. Nevertheless, it is still not apparent whether Kim Kardashian’s Bitcoin comes under community property or not. 

Ways of dividing the Bitcoin in Kim Kardashian and Kanye West divorce case 

Weinberger Divorce & Family Law Group’s partner, Bari Weinberger, has discussed two ways of splitting the cryptocurrency in divorce. According to him, one way is to trade the Bitcoin and then divide the amount equally between the two. The other alternative is developing another digital wallet and sending the spouse’s share to that wallet. Nevertheless, selling and revealing bitcoin ownership may create additional legal problems. There’s a legal term for the squandering of transmitted marital assets though not necessarily through political campaigns, dissipation.

It’s not just about Kim Kardashian’s Bitcoin, as both might be having more crypto that no one is aware of. For instance, let’s consider Kardashian was fond of Bitcoin after her gift from Roszak and chose to purchase more without informing West. West’s lawyer could question Kardashian to provide bank and credit card statements to decide if she bought assets on, say, Coinbase. Moreover, the lawyer can ask to present the private keys as proof. Alternatively, Kardashian might want to explore West’s crypto dealings. This will be evident only when the case is out in public; these are all speculations and no facts until then. 

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