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Spouses are using cryptocurrencies to hide their true wealth

Cryptocurrencies may be concerning to family law attorneys in Georgia who are helping their clients go through a divorce some are not familiar with what cryptocurrencies are or how they work. A few years ago, there would have been very little reason for family law attorneys to be concerned that cryptocurrencies would become a factor in the divorces that they handle.

However, in 2017 Bitcoin, a popular form of cryptocurrency, skyrocketed to a value of approximately $200,000 per coin. This meant that individuals who invested a relatively small amount of money in Bitcoin were now sitting on very large fortunes. The result was that these fortunes became part of assets that needed to be considered during divorce proceedings.

Since cryptocurrencies can be anonymous. Since they are encrypted, they are quickly becoming a way for people to hide away money that they don't want anyone else to know about. Some financial and legal experts worry that over the next decade there is going to be an increase in individuals who have large sums of money turning to cryptocurrencies as a way of hiding them so that they do not have to disclose them to their lawyer or spouse.

While this problem may arise occasionally with individuals who have a regular job and have a middle-class family, it is likely to become a big problem in a high asset divorce. Legislation may need to be corrected regarding cryptocurrency protection during the divorce process. But, as with all legislation, it will likely be slow to implement.

In the meantime, if an individual is getting a divorce and has a cryptocurrency account that they are concerned about protecting, they may wish to discuss the issue with a family law attorney. A family law attorney could advise them on current laws relate to determining the value of assets, sharing joint assets and debt, dividing up joint property, and other issues connected to divorce-related finance.

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Hecht Family Law
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