A high asset divorce involves complex asset division. Add a few concealed Bitcoins to cause even more complications. Family law lawyers have been exposed to a cryptocurrency world filled with legal evasions. Although investors have known about Bitcoin since 2009, the issue involving hidden cryptocurrencies is a recent development in high asset divorce cases. In addition to retirement plans, asset valuation, marital property and business assets, cryptocurrency ownership is another complicated dilemma. A few high-net-worth individuals have managed to amass fortunes from small investments in cryptocurrencies.
A major problem is that it is difficult to divide cryptocurrencies because their values constantly fluctuate. Most family law lawyers do not have experience related to investing in cryptocurrencies. Another issue involving Bitcoins and similar cryptocurrencies is that it is easy to hide these assets. Since a Bitcoin is not the same thing as a physical dollar bill, a dishonest spouse can find a place to hide this type of asset. When the couple files for a high asset divorce, an attorney works at the mercy of a detective.
Although it is possible to trace hidden cryptocurrency holdings, the fees for this type of detective work are expensive. Tracing hidden cryptocurrency accounts purchased via an online exchange is not difficult. But a spouse with high assets may decide to transfer the cryptocurrency to an unknown offline location. Plus, tracing hidden cryptocurrency holdings takes time. Couples involved in a high asset divorce typically want their legal case to get sorted out quickly.
Individuals considering divorce might benefit from consulting an experienced family law attorney. Whether the couple has to divide marital property, pensions or cryptocurrencies, a divorce lawyer may make a difference regarding the final monetary outcome.