spouse capital gain from invest

[Bi Young]

I am the breadwinner for my family (with a wife and kids) for 10 years. My wife is the house maker, but sometime do a part time job (the income from her part time job has been used by herself only). For the last few years, my wife also has invested bitcoin and has some capital gain (50k in the last year). Around 2/3 of the initial investment was borrowed from her friends, and 1/3 from her pocket. This is not the reason, but I am now considering divorce.

In the case of property separation, can I claim some proportion of the capital gain from the crypto invest? Or I don't have any right for the gain generated by such invest by wife? It will be appreciated if you provide any advice or information. Thanks.

 

[Atticus]

As a starting point, *generally* after a 10 year marriage with kids, income earners & homemakers contributions are considered equal. So the starting point is a 50/50 division, & adjustments are then made to bring about what is accepted to be a 'fair & just' outcome based on all the relevant facts & figures. Read this for some basics on how that may work >> Finances and property: Overview | Federal Circuit and Family Court of Australia

As for crypto ... It is a financial asset & as such should be declared & included in the pool for division. If it's not declared, then it can be very difficult for the other party to provide evidence of it's existence. Other challenge is valuing it in dollar terms. Valuations on assets need to be "at the time of settlement", because the value of crypto can fluctuate wildly, that is also challenging.

Possibly not worth pursuing too hard unless it's value is significant.

 

[Bi Young]

Thanks for your helpful advice!
In her tax return declaration (provided by an accountant), crypto capital gain is stated with $ amount.
I have the document. Can this be useful in case?

 

[Atticus]

In her tax return declaration (provided by an accountant), crypto capital gain is stated with $ amount.
I have the document. Can this be useful in case?

Well it at least proves it's existence if it's not declared by her ... You would still need to ascertain a dollar value at time of settlement.

Also, if you are going to share any growth, then you may also be held jointly liable for any loss should it occur.

 

[Bi Young]

Well it at least proves it's existence if it's not declared by her ... You would still need to ascertain a dollar value at time of settlement.

Also, if you are going to share any growth, then you may also be held jointly liable for any loss should it occur.

Thanks!