Hidden Cryptocurrency Assets And Divorce
There are times when a spouse hides assets during the divorce process. All assets and debts need to be assessed in order for both parties to exit a marriage in a fair manner. After all, New Jersey and Pennsylvania are equitable distribution states. Legally, assets need to be distributed in a fair way, and that may not necessarily be a 50-50 split. Cryptocurrency can be difficult to track, but a seasoned divorce attorney knows how to track down hidden assets.
If your spouse has funds in cryptocurrency, or if you suspect they do, connect with a skilled Bucks County family attorney. When there are undisclosed investments and bank accounts, there is the possibility your spouse is participating in financial deception. There are ways to detect and recover these funds so they can be part of a divorce agreement.
Types of Cryptocurrency
There are many, many forms of cryptocurrency. Digitally traded, cryptocurrency is encrypted and online, which can make it easier to conceal. There have been efforts to make tracking them simpler, but with so many kinds and platforms, it can be difficult. According to one report, there are over 10,000 kinds of cryptocurrency. That said, some are more popular, including the following.
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Zcash (ZEC)
Ownership can be unclear as there are many players involved rather than one central tracking system. Because there is no direct bank to contact, financial documentation takes a different approach. For complex finances, a digital specialist can be helpful in uncovering assets, for example.
After accounts are found and identified, there are ways to recover them and include them in divorce settlements. Documentation may be used to prompt your spouse to admit the existence of the assets. Or, when that is not possible, legal action can be used to seize the funds.
Your Attorney Will Review All Financial Records
In order for assets to be distributed equitably, all records need to be carefully reviewed. If one person took care of the home and children while the other person worked, they have a right to their equal share of the financial gain the working spouse garnered. Similarly, if one spouse was actively investing, in cryptocurrency or stocks, the other spouse has a right to a portion of the gains. An experienced Bucks County family attorney can look over your documentation and help to secure other records as needed.
Financial conversations during a divorce can become heated. Instead of engaging in emotionally volatile arguments, connect with a legal professional who will follow the law and secure the financial future you desire. When it comes to cryptocurrency, disclosure needs to be part of the process.
Do you suspect your spouse is hiding assets such as cryptocurrency? The family law attorneys at Kardos, Rickles & Hand can ensure all assets are identified and equitably distributed. Our dedicated legal team understands the finer points of family law. There are opportunities to create the life you want. Schedule your consultation today, call 215-968-6602.