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How Is Hidden Cryptocurrency Addressed in Divorce?
As cryptocurrencies become more popular, they are increasingly common in divorce settlements. Hidden assets like Bitcoin, Ethereum, or other digital currencies can create complications during property division. Because of their decentralized and often anonymous nature, cryptocurrencies can make it difficult to determine a person’s true financial status. An Illinois divorce attorney can help you ask the right questions when addressing potential hidden cryptocurrency assets.
What Are Cryptocurrency Assets, and Why Are They Often Hidden?
Cryptocurrency is a digital form of currency that uses cryptography for security, making it challenging to track in comparison to a traditional bank account. Unlike conventional financial assets, cryptocurrencies are stored in digital wallets, often without the oversight of banks or centralized institutions. These relatively anonymous qualities can tempt spouses to hide cryptocurrency assets during divorce proceedings, with the hope that they will not be discovered.
How Can You Find Out If Your Spouse Owns Cryptocurrency?
Uncovering hidden cryptocurrency can be challenging, but luckily, there are ways to trace these assets. One method is to review your spouse's financial statements and tax returns, as cryptocurrency transactions may create a paper trail. Take note of any suspicious transactions labeled under unusual names. If there is sufficient evidence of hidden assets, subpoenas can be issued to obtain transaction information.
What Are the Legal Requirements for Disclosing Assets in Illinois?
Under the Illinois Marriage and Dissolution of Marriage Act, spouses are legally required to fully disclose all assets during divorce proceedings. Failing to disclose assets, including cryptocurrencies, can result in legal consequences. If hidden assets are discovered after the divorce is finalized, the court may impose severe penalties, such as redistributing marital property in favor of the wronged spouse.
What Steps Can You Take to Protect Yourself?
To protect yourself in a divorce involving possible hidden cryptocurrency, it is very important to work with an experienced divorce attorney who understands digital assets. Your attorney can help gather evidence, issue exchange subpoenas, and collaborate with forensic accountants to locate concealed cryptocurrencies. A transparent and strategic approach is key to ensuring all assets are included in the property division.
How Can an Attorney Assist with Cryptocurrency in Divorce?
A skilled divorce attorney can be instrumental in navigating the intricacies of dividing cryptocurrency assets. The attorney will advocate on your behalf and will comply with the state’s asset disclosure laws. Additionally, your attorney can help you understand your rights, pursue appropriate legal action if your spouse has hidden assets, and present a strong case for equitable distribution.
Contact a Kane County, IL Divorce Attorney for Assistance
Addressing hidden cryptocurrency assets in a divorce can be complicated, but an attorney can help you navigate these challenges. If you suspect your spouse may be concealing digital assets, contact a knowledgeable St. Charles, IL property division attorney at Shaw Sanders, P.C.. Our team can help work toward a fair division of all marital assets. Call 630-584-5550 today to schedule a free consultation.
630-584-5550