On behalf of Stange Law Firm, PC posted in High Asset Divorce on Thursday, March 14, 2019.
Missouri residents know that technology is changing each day. Most American households have integrated the internet, and all it has to offer, into daily life. Whether it be for communication, paying bills, or even games and entertainment, people now rely on technology in an unprecedented way. Now, there is a growing concern that the law needs to catch up. In cases of high asset divorce, litigants may have trouble getting a fair shake.
The calculation of assets just got a bit more tricky. Cryptocurrency is a new type of money, digital in nature. While many feel that using cryptocurrencies instead of traditional money is safer, because it has a level of digital security and is nearly impossible to forge or replicate, many court systems are not yet up to speed on the matter.
This is a major concern for people considering a high asset divorce. These days, it is not unusual for one or both spouses to have assets in the form of cryptocurrency. By nature, these funds can be difficult to trace. Legally speaking, monies in the form of cryptocurrency are just as valid as traditional forms of monies, and must now be taken into account during divorce.
In cases of high asset divorce, there is the potential that a spouse could easily hide the existence of such assets. In a situation where cryptocurrency needs to be taken into account, a divorcing party may want to ask an experienced attorney for help. An attorney can help a Missouri client feel confident that all assets are taken into consideration before a divorce is finalized, and ensure that the other spouse cannot hide money behind the veil of the internet.