What Happens with Cryptocurrency in a Divorce?
Cryptocurrency has become incredibly popular and, unfortunately, part of the reason behind it is the ease with which spouses can hide digital assets during a divorce. Millions of Americans own cryptocurrency and, for many, the spike in market value has made them all the more enticing for the concealment of assets. An experienced divorce attorney will know what to look for and can help track down these funds.
Knowing What to Look For
If you are aware that your spouse owns cryptocurrency and you have suspicions that assets are being hidden, discuss this with your divorce attorney. Your attorney may file a subpoena to gain access to your spouse’s electronic devices and potentially discover cryptocurrency accounts. Although cryptocurrency is difficult to track, there are some signs forensic experts can look out for, such as stored information for digital ticker symbols. Your spouse might have also listed cryptocurrency on a loan application to increase the chances of approval.
That said, although certain cryptocurrencies like bitcoin are a little easier to track, others may present greater challenges, especially when it comes to foreign cryptocurrency exchanges. Moreover, tracking cryptocurrency can become an expensive endeavor, so it is recommended that you do an analysis to assess how much money you are trying to track down. If it is not a substantial amount, it might not be worth the trouble.
If you are the spouse who earns less income, it is essential that you start gathering as much financial information as possible before moving forward with the divorce. Doing so can help give you an advantage during this process and give you an idea if any assets are missing and their potential value.
Transferring Cryptocurrency
Of course, not all spouses are attempting to hide assets with cryptocurrency. In such cases, your only obstacle may be in dividing these complex assets. If you are new to cryptocurrency, you should make sure you fully understand these assets before accepting them in a settlement. It may make more sense to proceed with a buyout than to divide and transfer cryptocurrency.
Schedule a Consultation with an Experienced Divorce Lawyer Today!
If you are going through a divorce and cryptocurrency is involved, this may complicate matters, so it is crucial to hire a knowledgeable attorney to handle your case. At Sutton & Janelle, PLLC, our team is backed by more than 70 years of combined experience, so you can rely on us to provide the skilled representation and advice you deserve.
Call our law office today at (304) 867-0049 to schedule a consultation with one of our attorneys.