Cryptocurrency, also called “crypto,” is a type of asset that has climbed from being relatively unknown outside the finance and tech industries to being highly coveted by the general population. What happens if you get a divorce in New York and your spouse owns cryptocurrency, or you suspect that they do? How might you find, estimate, and allocate cryptocurrency assets?
Here’s what you need to know and what an experienced New York divorce lawyer can do to ensure you receive your fair share of assets in a divorce.
Both Spouses Must Make Full Financial Disclosure
When obtaining a divorce, separating spouses must make full financial disclosure, which means they must disclose any property and assets they own, including cash they hold, to the court presiding over the divorce. Cryptocurrency assets must also be declared, whether as personal property, an investment, a collectible, or cash. Lack of disclosure of all relevant financial information may result in disciplinary action, including but not limited to a greater settlement amount for the other spouse.
What Should I Do If I Think My Spouse Is Concealing Cryptocurrency?
If consumers didn’t assume cryptocurrency was easy to conceal, it most likely wouldn’t be called “crypto.” Tracking crypto transactions and locating cryptocurrency reserves is rather difficult, which is one of the key advantages of this form of asset. If you suspect your spouse has invested money into cryptocurrency and may be attempting to hide these assets from you, your divorce lawyer will likely file discovery requests that demand the disclosure of all relevant financial information. In the request, a skilled divorce attorney will know how to ask the right questions.
In the event that your spouse doesn’t cooperate with discovery requests, you should begin looking for crypto transactions in their bank account or credit card statements. Third party applications like Coinbase, Gemini, Kraken, Binance, eToro, and FTX are a few of the most popular digital currency exchanges where crypto can be purchased. Mainstream applications like Venmo, PayPal, CashApp, and Robinhood also allow for the purchase of digital currencies. Look for transactions on bank or credit card statements between the above applications as these may indicate a transfer of funds to crypto.
What a New York Divorce Attorney Can Do to Assist You
A divorce attorney can help you locate hidden assets in the event you are getting a divorce. Call Brooklyn divorce lawyer Mary Katherine Brown today for your consultation by dialing (718) 878-6886.Posted in : Divorce ,