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Cryptocurrency can make property division difficult

In divorce, the outcome of a property division quarrel can make all the difference in one's post-divorce financial standing. Oftentimes, California couples turn to their houses, retirement accounts, and personal possessions when negotiating and litigating a division that is fair. Although some spouses attempt to hide assets by opening up new bank accounts and even buying property unbeknownst to their spouse, there is another way that assets are being hidden that could be even more difficult to find: cryptocurrency.

Most people have heard of Bitcoin, but there are a number of cryptocurrencies out there, intended to retain value, ease transactions, and allow owners to make purchases somewhat anonymously. Those who use these cryptocurrencies may only be identified by a string of numbers that are linked to a digital wallet, which can only be opened with a certain security key. Since cryptocurrencies can be difficult to trace, it can certainly be an appealing option for those who wrongly want to hide assets.

However, there are ways to track these currencies to ensure that all marital assets are subjected to property division. For example, if large withdrawals are made from a bank account with no physical assets to account for it, then it may need to be looked into further. This may require some forensic work, though, especially if a spouse has tried to cover his or her trail by using what are known as cryptocurrency mixers. However, even if these devices are used, attention to detail can allow an individual to trace the money.

Dealing with cryptocurrency is just one example of the number of evolving assets that we see in the legal field and which need to be dealt with appropriately during marriage dissolution proceedings. These matters can be extremely complicated, though, and there is too much on the line not to ensure that the issues are addressed in a competent fashion. Therefore, those needing assistance with their divorce and property division should think about speaking with a divorce attorney of their choosing.

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