Cryptocurrency – the alleged money of the future! You have probably heard about Bitcoin, a very popular type of cryptocurrency, but do you really understand everything cryptocurrencies have to offer, and how they might affect your divorce case?
Cryptocurrency is essentially just an algorithm that relies on cryptography to dictate how a unit of currency is produced and regulated. A cryptocurrency unit, known as a “coin” or “token,” is simply a number on a database that records the transfers of that number from one user to another. Cryptocurrencies are publicly accessible to anyone with an internet connection, and they are not tied to any government or third-party bank or brokerage firm.
This is a fancy way of saying that cryptocurrency transfers are almost totally free of international regulations, third-party interference, or fees. Anyone can purchase it on the internet if they can find a seller, and you can even purchase stock in certain types of well-known cryptocurrency.
What does that have to do with your divorce? Cryptocurrencies are almost the perfect way to hide marital assets. Think your spouse should have more money in the bank? Are things just not adding up? You may want a lawyer who understands cryptocurrency and where to look for it.
Cryptocurrency transfers, purchases, and sales are very hard to track. You will need a skilled attorney who will know what to look for, and what documentation to request. Due to the fluidity of cryptocurrencies, and their free-market, it is nearly impossible to subpoena documentation on them. You’ll need to hire a firm that pays close attention to detail in order to find these hidden assets.
You will also need a lawyer with connections! It is possible that you’ll need a forensic financial evaluator to review and assign a value to your spouse’s cryptocurrency since their value changes frequently.
It’s easy to get overwhelmed when you need to think about finances, especially when you suspect they’re being hidden. Let Wolf & Shore Law Group do that hard work for you! With 24 years of combined experience, Attorneys Kristen Wolf & Shari-Lynn Cuomo Shore have seen it all. They will diligently review all financial paperwork for even the slightest trace of a cryptocurrency transaction, and will be sure to pursue additional documentation should anything come up.