You and your spouse are in the process of divorcing. You are likely facing a barrage of decisions about the custody of any minor children you share and the division of marital assets and the assignment of shared debts.
But there may be one very lucrative asset that you could be overlooking.
Has your spouse invested in cryptocurrency?
Unlike stocks, IRAs, 401(k)s and other tangible and easily identifiable assets, many people have begun investing funds into the cryptocurrency markets. The pseudonymous nature of the blockchain involved with purchasing cryptocurrencies makes it easy to hide in a divorce. That the civil laws have yet to adapt and address the role of Bitcoin, dogecoin and their crypto counterparts in property settlements also gives an edge to those attempting to stash cash from their spouses
If you don’t know that a significant asset exists, there is zero chance that you will get your portion of it in the property settlement of your Illinois divorce. Its value also cannot be used as a trade-off for some of the debt you must assume as your share from your marriage.
It’s a given that if there are undetected cryptocurrencies involved in your divorce, you will wind up shortchanged if you don’t ferret them out using the legal process of discovery and the production of documents.
But how will I know if my spouse is lying about their assets?
There is an old legal adage that lawyers never ask questions to which they do not already know the answers. And you and your attorney can find out the truth by your retaining a forensic accountant who has experience identifying and recovering data that will reveal the existence of your spouse’s cryptocurrency. In high-asset divorces, this information can be invaluable to the best outcome in your property settlement.