There’s no doubt that going through a divorce in New York can be one of the most difficult things a person can go through. Not only is this an emotional time for everyone involved, but other issues can arise from the process. One of the newer obstacles plaguing divorcees is cryptocurrency assets. With much of a person’s financial transactions online, it can be difficult to obtain and divide them properly. The following covers information on cryptocurrency and how it relates to a divorce.
What exactly is cryptocurrency?
Cryptocurrency is a paperless currency with no ties to any country’s government. This can be a little confusing to many people, even if they already have crypto investments. The issue arises when these assets come up during a divorce, especially during a high-net-worth divorce. In addition, tracing cryptocurrency can be quite difficult, and issues with locating the funds can be the first obstacle that some couples face during a divorce.
The thought behind many of those investing in cryptocurrency was that they would do so in order to hide part of their income. The best way to approach this issue during divorce is to consult with your attorney. Your attorney and anyone within your legal team can request financial records from all cryptocurrency platforms.
Once you have found all records of cryptocurrency, you may now take on the next challenge of finding out how much they are worth. Although this can be a complex challenge, you now have peace of mind that no funds are hidden from you.
Cryptocurrency is a new asset being introduced to the courts. Because of that, it is important to tread carefully throughout the process. Having an attorney at your side may provide you with the legal guidance that you’ll likely need during complicated divorce proceedings.