Do I Have to Disclose Bitcoin Currency During a Divorce?

CNBC.com had an interesting story last week about Bitcoin, the electronic currency, and how it could be potentially used by divorcing spouses to hide assets.

The news source reported that lawyers in England are now dealing with the issue, and it could become a major problem in the U.S., as the currency becomes more popular and courts are trying to handle wealth division.

CNBC reported that a lawyer in London has begun to warn other attorneys to start including digital currencies in financial disclosure orders if there is evidence they have been used.

“[Bitcoin] can be used to run a parallel economy,” Ayesha Vardag, a London divorce lawyer, told CNBC. “People will go to immense lengths . . . as a spousal claim is more damaging than tax because it is half your wealth.

Bitcoins provide anonymity to investors and, unlike bank accounts and other holdings, they are hard to link to an individual, according to CNBC.

A fraud and asset recovery specialist told the news source that he expects court orders of asset disclosure nationally are going to have to begin to include language about digital currency.

Meanwhile, some courts in California are beginning to issue search and discovery orders of assets that include digital currencies such as Bitcoin.

What Should I Do If My Former Spouse is Concealing Assets?

There is no doubt that Bitcoins is an asset and should be disclosed during the divorce process. If you have a form of digital currency and you are worried about how it would be handled during your divorce, you should speak to our experienced family lawyers.

Our team will look at your assets realistically and attempt to safeguard them in court. If you believe that your former spouse is hiding assets, we can also pursue an exhaustive investigation into potential hidden items.

The division of marital assets can be one of the most troublesome issues in a divorce case. Let our skilled marital asset attorneys handle your case. Call us today if you are thinking about divorcing your spouse and want to protect your belongings.

Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C. – Rockland County Divorce Attorneys

Source: http://www.cnbc.com/id/101725036