How Does Crypto Impact Asset Division in CA?

divorce attorneysYou’ve likely seen more and more advertisements for cryptocurrency everywhere, whether from your social media feed or while tuning in to a major sporting event. This type of alternative currency has been increasing in popularity over the years, and is now at an all-time high. We’re even seeing banks, corporations, and governments slowly starting to work with and accepting crypto. 

While this might be an exciting innovation for many, there’s one area where the surge in cryptocurrency adoption has introduced more problems: family law in California. For today’s post, we’re looking at how crypto affects the divorce process, specifically when it comes to asset division in CA.

How Anonymity Complicates Crypto

As proponents state, the biggest benefit to cryptocurrency is the fact that it makes users and transactions anonymous. While this can be great for users, it’s not so great when it comes to asset division. It becomes a lot simpler for people to try and “hide” assets within crypto, and since not all coins work the same, it can be difficult to track down exactly everything that this person owns. 

Make no mistake, intentionally hiding assets during a divorce is a crime, and it can lead to harsh penalties. Nonetheless, for many the temptation is strong. People occasionally get away with this, particularly when the other party isn’t prepared for this or doesn’t have an attorney/other professionals on their side to help identify and potentially mitigate any attempts at hiding assets. 

Our Professional Attorneys Help You Uncover Hidden Crypto and Other Assets

Although cryptocurrency is specifically designed to be anonymous and difficult to track, it’s actually not as impossible as advocates might say. The reason for this is that money still has to be transferred and exchanged into a person’s crypto coin of choice. A finance professional can help recreate the whole picture by doing things such as looking at these transactions, comparing them with the existing assets, tracking when crypto was exchanged for a more traditional currency

Note that crypto is just one type of asset that the ex might try to hide or diminish with the hope of getting a better “outcome.” A skilled attorney can help you cover the whole gamut of what to expect during this process of your CA divorce, as well as ensure that you aren’t being taken for a ride during any step of the way. 

Learn more about how we at R & S Law Group, LLP help our clients navigate a variety of legal matters and disputes relating to family law in CA. We offer free initial consultations!

Call us at (949) 825-5245 today to connect with us and schedule your free initial session, where you can tell us more about your specific needs.