With all the buzz around Bitcoin and other forms of cryptocurrency, people have begun to dip their toes into this new world of digital currency, and many with the means to do so have invested heavily. There is nothing wrong with this on its own, and buying/selling cryptocurrency is perfectly legal in the U. S. However, this type of currency can seriously complicate divorce proceedings, especially because the technology is so new and family laws haven’t necessarily caught up yet.
That said, there are ways that people in California can deal with cryptocurrency, which is the topic of discussion in this post. Don’t forget, for tailored legal advice, we want to remind everyone that we at R & S Law Group, LLP offer free initial consultations and are more than happy to lend you our expertise with this and other divorce/family law matters.
How Cryptocurrency Complicates Divorce Proceedings In CA
One challenge that cryptocurrency poses during asset division is that it can be difficult to pin down its exact value, as it can fluctuate significantly from day-to-day, or even minute-to-minute. Many assets are given a fair market value that is to be divided between parties once a couple is separated, a process that is anything but straightforward with digital currency.
Furthermore, people have been tempted to try and hide their cryptocurrency assets during divorce proceedings, something that is facilitated by the nature of cryptocurrency itself. Not only is it expensive and time-consuming to track down digital currency that has been stashed away by a spiteful spouse, it is often downright impossible.
Hiding Assets Carries Serious Penalties in CA
One thing to note is that attempting to hide assets during a divorce is a serious offense in CA, and cryptocurrency is not exempt from this. Those who get caught can expect to face consequences, including ending up with a smaller share of the marital assets as well as facing criminal charges for contempt of court. That doesn’t stop people from trying, however, and if you suspect your spouse is hiding or trying to hide assets, you should make time to speak with an attorney.
Schedule a Meeting with a Reputable Divorce Attorney In CA
Do you have a spouse who is invested in cryptocurrency and want to ensure that you get your lion’s share, or do you have any assets that are going to be tricky to divide during a divorce? If so, know that we at R & S Law Group, LLP are here to help.
Call today to schedule a free initial consultation with one of our experienced divorce attorneys, where you can learn more about this topic, as well as any other issues relating to divorce, child custody/visitation, and other matters involving family law in CA.