Tag Archive for: cryptocurrency and divorce

What Your Lawyers Aren’t Telling You About Cryptocurrency And Divorce

Cryptocurrency has moved from niche curiosity to a mainstream financial reality. Whether held as an investment, used for business, or received as payment, digital assets now appear on more balance sheets and in more divorce filings. 

For couples navigating the end of a marriage, crypto introduces unique legal, valuation, tax, and enforcement challenges. 

This guide explains what you need to know in 2025: how courts are treating crypto, practical steps for preserving your rights, important tax and regulatory updates, and how Masters Law Group can help protect your interests.

Why Crypto Matters in Divorce

Cryptocurrencies, bitcoin, Ethereum, stablecoins, tokens, and even NFTs are usually treated as property for legal and tax purposes. That means they’re potentially divisible marital assets, subject to disclosure and distribution under state laws governing equitable distribution or community property. Yet unlike a bank account or a house, crypto’s features (pseudonymous wallets, self-custody, rapid price swings, and cross-border exchanges) make discovery, valuation, and enforcement more complicated. Courts and practitioners increasingly must adapt traditional asset-division tools to this new asset class. 

Four Practical Challenges Unique to Crypto

  1. Disclosure and hidden holdings: Crypto can be moved quickly, split across many wallets, or stored on offshore platforms. One spouse may overlook (or intentionally hide) holdings, send assets to friends, or convert crypto to fiat before trial. Full, early disclosure is essential, and forensic accountants or blockchain tracing tools are becoming standard in contested cases.
  2. Valuation volatility and timing: Crypto prices can swing dramatically in short periods. Parties and the court must agree on a valuation date and method (e.g., market price at petition date, trial date, or an average over a period). Clear contract language in settlements about valuation and future price movements helps avoid later disputes.
  3. Tracing and commingling: If one spouse used marital funds to purchase crypto and later transferred it to a separate wallet, courts will look at tracing rules to determine whether the asset remains marital or has become separate. Commingling crypto with jointly owned funds (for example, transferring crypto into a joint account or spending jointly) can complicate the analysis. 
  4. Custody of private keys and enforceability: The person who controls the private keys effectively controls the asset. Even after a court orders distribution, enforcing that order can be tough if the holder refuses to cooperate or deletes keys. Solutions include supervised transfers, escrow arrangements, requiring exchanges to freeze accounts when possible, or awarding equivalent value in other assets. Law firms increasingly draft very specific division instructions (wallet addresses, transfer steps, timing) into settlement documents to make orders enforceable. 

Recent Regulatory and Economic Context (2024–2025): Why it Matters to Divorce Cases

Crypto and Divorce

Crypto’s legal and tax landscape has evolved rapidly, and divorce practitioners must factor these changes into planning and settlement drafting.

Tax and reporting developments. The IRS continues to treat virtual currency as property; taxpayers must report transactions and income from digital assets. Recent IRS guidance and updates have emphasized reporting obligations and clarified treatments for things like hard forks and staking income. Moreover, increased reporting by exchanges (including new reporting frameworks implemented since 2024–2025) means tax authorities have better visibility into accounts, which also makes it easier for the spouse seeking disclosure to obtain evidence.

Regulatory momentum. In 2025, the SEC and other U.S. agencies have been active in staking out regulatory boundaries for digital assets, releasing staff statements and plans to clarify which crypto activities fall inside securities regulation and which do not. Those rulemaking and enforcement efforts affect market infrastructure (custody, exchanges, staking services) and, therefore, the tools available to enforce divorce orders. For example, clearer standards for regulated custodians mean parties may prefer placing crypto with regulated custodians to make future enforcement easier. 

Macro adoption and market trends. Mainstream adoption by institutions, growing consumer interest, and ongoing integration of crypto into corporate treasuries and platform rewards have increased the prevalence of crypto in household portfolios. That broadening adoption means more divorces will involve digital assets in one form or another, and courts are seeing more cases addressing how to treat them. 

Valuation: Best Practices for Courts and Practitioners

Because price volatility is a major issue, valuation needs to be deliberate:

  • Agree upfront on a valuation date and source: Parties commonly use a market close price from a major exchange on a specific UTC date/time, or an average price over several days to smooth volatility. Specify which exchange or data provider is authoritative in your agreement.
  • Document the source wallet and transaction history: Settlement language should identify wallet addresses, exchange accounts, and transaction IDs. This can help reduce ambiguity when transfers occur later.
  • Use qualified experts: If valuation is contested, blockchain forensic specialists and experienced valuation professionals can trace assets, determine acquisition dates and cost basis, and recommend fair valuation methods.
  • Plan for tax consequences: Remember that transfers can create taxable events. A “transfer” to satisfy a divorce award may be treated differently for tax purposes depending on whether it’s part of a divorce settlement or a property transfer incident to divorce, and whether it triggers recognition of gain. 

Tax Consequences: What to Watch For

The IRS treats cryptocurrency as property, meaning capital gains taxes can apply when crypto is sold or otherwise disposed of. Important considerations in divorce:

  • Transfers incident to divorce: Historically, transfers of property between former spouses incident to divorce could be non-taxable events under certain Code provisions, but tax treatment can be nuanced with digital assets. Confirm current IRS guidance and, when possible, structure transfers to avoid unexpected tax consequences.
  • Cost basis tracking: Accurate, wallet-by-wallet cost basis tracking matters, especially after 2025 changes requiring stricter reporting and tracking of digital-asset transactions. If parties agree to divide future proceeds from crypto sales, remember to allocate cost basis and recognition of gains/losses in settlement documents.
  • Staking, forks, and “earn” programs: Income from staking, hard forks, airdrops, or interest-like programs can generate taxable income that should be reported and allocated between spouses where appropriate. Recent IRS rulings have addressed some of these events, but practitioners must stay current. 

Discovery and Forensic Tools: How to Find Hidden Crypto

Crypto and Divorce

If one spouse suspects undisclosed crypto, the following tools and legal strategies can help:

  • Subpoenas and third-party discovery: Request records from exchanges, payment processors, and custodians. Improved reporting requirements and exchanges’ obligations make this route more fruitful than in the early crypto years.
  • Blockchain analytics: Blockchain tracing firms can follow on-chain movements, link addresses to known exchanges, and sometimes identify off-chain relationships. Combined with subpoena power, tracing can reveal conversion to fiat or transfers to third parties.
  • Narrowly drafted interrogatories and asset searches: Ask for detailed statements about wallets, private keys, and related digital assets (NFTs, tokens, DeFi positions).
  • Forensic accountants: They can reconcile on-chain and off-chain activity, identify patterns of concealment, and estimate present-day value at agreed valuation dates. 

Practical Division Options Courts Use

There is no one-size-fits-all. Common approaches include:

  • In-kind division: Transferring specified tokens or NFTs to the receiving spouse’s wallet. This requires cooperation to transfer private keys or use custodial escrow.
  • Buy-out: One spouse keeps the crypto and compensates the other with equivalent value in cash or other assets. This avoids key-transfer headaches but raises valuation and tax questions.
  • Phased transfer: To manage volatility, parties may use a phased schedule (e.g., a portion transferred immediately and the remainder over time) with clauses to rebalance if significant price moves occur.
  • Escrow or court-supervised transfer: Using a neutral custodian or escrow to enforce transfers and verify completion.
  • Alternative equivalent award: Awarding non-crypto assets equal to the crypto’s value, sidestepping custody problems.

Settlement documents should be extremely detailed, include wallet addresses, exact token amounts, transfer windows, verified steps for key transfer, and remedies for noncompliance (e.g., contempt, sanctions, or awarding equivalent value). Recent practice shows courts favor specific, enforceable mechanisms rather than vague promises. 

Enforcement: What if a Spouse Refuses to Transfer?

Enforcement can be complicated, but remedies exist:

  • Contempt and sanctions: If a party refuses to comply with a court order, courts can impose contempt sanctions.
  • Constructive trust or equitable relief: Courts can impose remedies that recognize the claimant’s interest in misappropriated assets.
  • Third-party account freezes: If funds were moved to regulated exchanges, a subpoena or temporary restraining order may freeze accounts.
  • Criminal referral: In extreme cases involving fraud or theft, criminal authorities may get involved, though civil remedies are typically the first line.

The takeaway: protecting rights requires detailed settlements and aggressive discovery when concealment is suspected.

How Recent Economic and Regulatory Shifts Affect Divorce Strategy

  • Better reporting and exchange cooperation: As exchanges come under stricter reporting rules, obtaining records via subpoena is more likely to succeed. That should encourage full disclosure, but also incentivize concealment strategies that require forensic tracing. 
  • Regulatory clarity: If more custodians operate under clear regulatory regimes, parties may prefer placing assets with regulated custodians during divorce to simplify division and enforcement. SEC and federal agency actions in 2025 are moving in this direction.
  • Macro adoption increases prevalence: As institutions and individuals hold more crypto, divorces involving digital assets are more common, meaning courts and counsel are becoming more experienced and precedents are accumulating.

Practical Checklist for Clients

  1. Inventory every digital asset: Coin/token names, wallet addresses, exchange accounts, transaction IDs, date acquired, and cost basis.
  2. Preserve evidence: Don’t delete apps, accounts, messages, or transaction histories; preserve devices and create mirror images if necessary.
  3. Consider immediate protective orders: If you suspect active concealment or dissipation, ask the court for a temporary restraining order or asset preservation order.
  4. Use professionals: Forensic accountants, blockchain analysts, and tax advisors can provide necessary technical support and credibility.
  5. Draft precise settlement language: Include valuation date, data sources, wallet addresses, transfer steps, and remedies for noncompliance.
  6. Factor taxes in settlement allocation: Decide who bears tax consequences for transfers or future gains. 

Why You Need an Experienced Family Law Firm for Crypto Cases

Crypto complicates nearly every stage of a divorce: discovery, valuation, tax planning, negotiation, and enforcement. Without knowledgeable experience, clients risk:

  • Accepting settlements that omit hidden assets.
  • Receiving awards that are impossible or costly to enforce.
  • Facing unexpected tax liabilities from poorly structured transfers.

How Masters Law Group Can Help

Crypto and Divorce

At Masters Law Group, we understand that divorce is challenging enough without the added complexity of dividing digital assets. Our team is well-versed in handling cases that involve cryptocurrency, NFTs, and other digital property. We know how to uncover hidden assets, work with forensic experts to trace transactions, and draft enforceable settlement agreements that help protect your financial future.

Here’s how we can help you:

  • Comprehensive Asset Discovery: We partner with forensic accountants and blockchain analysts to help ensure full disclosure of crypto holdings.
  • Valuation & Division Strategies: Our attorneys will help you determine accurate valuations, select the right valuation dates, and create clear division methods that account for crypto’s volatility.
  • Tax-Aware Settlements: We work closely with tax professionals to help ensure that transfers and allocations are structured in the most tax-efficient way possible.
  • Enforcement & Protection: If your spouse refuses to disclose or transfer digital assets, we’ll pursue court orders, sanctions, or subpoenas to protect your rights.
  • Personalized Guidance: Every divorce is unique. We tailor strategies to fit your specific needs, whether you want to keep crypto holdings, liquidate them, or receive equivalent value in other assets.

When your financial security is on the line, you need a family law firm that not only understands the law but also the fast-evolving world of digital assets. Masters Law Group brings both to the table, giving you peace of mind in an otherwise uncertain time.

Final Thoughts and Next Steps

Digital assets are now a routine part of many marital estates. The intersection of technology, law, and finance means that divorce involving crypto requires thoughtful strategy, technical knowledge, and precise legal drafting. Courts, regulators, and market actors continue to shape the landscape, and Masters Law Group stays current to help protect client interests in this evolving environment. Recent regulatory and reporting changes have made it easier to trace and document holdings, but concealment risks remain. Early disclosure, careful valuation planning, and enforceable settlement mechanics are key.

If you suspect undisclosed crypto in your marriage, are unsure how to value or divide tokens and NFTs, or want a tax-aware settlement that’s enforceable in practice, contact Masters Law Group. We’ll evaluate your situation, explain your options, and coordinate the technical and legal resources needed to secure a fair outcome.

Disclaimer: This blog is for informational purposes only and does not constitute legal advice. If you need legal assistance, please contact the qualified attorneys at Masters Law Group. Our firm can help you handle your family law case in Illinois, including divorce, custody, and mediation services.

Can Hiding Crypto from Your Ex Get You in Legal Trouble?

If you typed this article’s heading into an online search engine, chances are you’re considering hiding digital assets in your divorce case. Here’s why it’s a very bad idea.

The dramatic rise of cryptocurrency has led some spouses to hiding those digital assets during divorce settlements. In a divorce, both parties are expected to be honest about their assets, as all assets acquired during marriage are subject to division in a divorce. While property, stocks, bonds, bank accounts and 401(k)s can be easily tracked down, cryptocurrencies can be a bit more difficult. However, as it becomes more common, many lawyers are more aware of them and have started to learn the challenges surrounding them. 

Which begs the question, is it illegal to hide crypto from your ex during a divorce? 

What assets must be disclosed in a divorce? 

In an Illinois-based divorce case, it is legally required that each spouse discloses any and all assets, income and debt as part of the financial disclosure process. This also includes digital assets, such as cryptocurrencies. The issue with crypto, though, is enforceability and tracking it down if it is hidden. Regardless, spouses who fail to disclose still face legal trouble. Financial disclosures are signed under penalty of perjury so non-disclosure could lead to criminal charges. 

Tracking crypto

While there are ways to locate cryptocurrency activity, it is still difficult to discover and you could need experienced help from a Cryptocurrency experienced attorney. Older forms of crypto like bitcoin and ethereum are easier to track but other, more anonymous forms, are much harder for even experts to find. If exchanges are based in a foreign country, it can become even more difficult. However, it is still possible. Lawyers like the attorneys at Masters Law Group can grant subpoenas to get information if trades occurred in the United States. Additionally, forensic investigators or financial experts may be hired to uncover the assets.

What happens if I hide assets in a divorce? 

Hiding assets in a divorce could lead to discovery. Submitting incorrect documentation, failing to disclose assets or intentionally concealing them could lead to facing criminal charges. Perjury and contempt of court are the most common charges faced from these activities, but in extreme cases, you could pay large fines or even be forced to spend time in jail. 

Additionally, hiding assets is considered highly unethical by the court. Judges can use this information to make their own decisions relating to asset division. Oftentimes, attempting to hide your assets leads to your ex-spouse’s benefit, receiving a higher percentage of the total assets. 

Final Thoughts

Hiding assets is always a risky proposition and likely not worth it. Even though crypto is difficult to track, it’s still possible and the outcome would not be in your favor. It’s best to be honest about your assets during divorce proceedings, increasing the chances of getting your assets split fairly.

If you’re going through a divorce and are in need of legal help, Masters Law Group is here to help. Contact us today.

Identifying Crypto in Divorce

It’s National Cryptocurrency Month, a time to reflect on a fairly new asset concept that has grown increasingly popular. In this blog, we’ll cover what you need to know about cryptocurrency and how Masters Law Group can help you identify crypto in a divorce.

Cryptocurrency interest and awareness has exploded over the past five years. This increase was initially fueled by younger, techminded individuals, but recently large banks like Morgan Stanley and Goldman Sachs have invested heavily in crypto assets. This cultural phenomenon has spread, and recent numbers show that upwards of 53 million Americans are invested in crypto.

Cryptocurrency is volatile, wide ranging (think beyond Bitcoin) and can be more difficult to identify compared to other assets. Its volatility means its value can swing wildly – even in as little as hours. Cryptocurrencies are also numerous and multiplying with over 20,000 different currencies as of this year. 

What does this mean for you if you’re currently navigating a divorce? Read on to learn the steps you should take to ensure financial equality is met. 

The Cryptocurrency Basics

By this point you’ve probably heard the word “cryptocurrency” but few could define it succinctly. Let’s break the word in two to simplify things. First, cryptography – “the practice and study of techniques for secure communication.” Second, currency – “A system of money in general use.” From this we can see that the goal of cryptocurrencies is to “secure” the transaction records, creation of additional currency units and their transfer. 

What makes cryptocurrencies unique is the technology behind them – blockchain. Blockchain is what allows for the foundational security of these digital assets. What is blockchain? To keep things simple it’s a distributed ledger across multiple nodes, computers and people that creates a network and stores information. This decentralized database ensures that no one person or group can have leverage over the currency.

Identifying Cryptocurrency as a Financial Asset

The main issue when dividing cryptocurrency is the volatility we mentioned. For example, in January of 2021 Bitcoin surged over $40,000 before falling to $32,000. These valuation swings can make determining value difficult compared to more traditional assets.

Beyond this, the first step is to determine if your spouse has cryptocurrency holdings. Depending on the relationship, you may already know if these digital assets exist. If you’re unsure there are steps to take. 

Consider past conversations. Have they mentioned cryptocurrency? If so, that establishes a baseline interest that may lead you to believe they have assets in place. If you feel that they do, you would move into a discovery phase. 

First off, share this information with your legal counsel. Your attorney and their team can use this information to begin investigating. Some of the first steps they may take would be to determine if there is a physical “wallet” or a digital one. This wallet may be in the form of a hard drive that holds the cryptocurrency or in the form of an online exchange like Coinbase.

Either way, this information will be password protected. Once entry is secured, a paper trail will show itself. This information will contain transactions, the cryptocurrency holdings, conversion rate and other pertinent information. 

Once all of this information is secured, the division of the assets can be discussed.

Division and Reconciliation 

There are four basic paths that can be chosen once valuation has been determined. Let’s briefly cover these.

    1. Simple Division: As the name suggests, this would simply be a division of the cryptocurrency assets.
    2. Custodial Holding: If holding cryptocurrency is not valued, a custodian can be secured. This representative would handle the cryptocurrency transaction – into the US dollar for example – and then hold the amount until the divorce is finalized.
    3. Cryptocurrency Owner Liquidation: In this situation, the owner of the cryptocurrency (your spouse) would convert your share into US dollars. The value of the currency would be determined by the day of sale value. 
    4. Liquidation with No Claim Upon Remaining Cryptocurrency: This is similar to the option above, the difference being that your spouse would retain full ownership but would liquidate the cryptocurrency as it stands. You would not be owed any of the assets.

By working with your legal counsel, you can determine the best course of action.

Final Thoughts

Cryptocurrency is fairly new, meaning it’s often misunderstood. Its popularity means it will continue to be relevant in divorce cases into the foreseeable future.

If you’re currently navigating a divorce, and believe that you are owed a portion of cryptocurrency assets, reach out to Masters Law Group LLC today. Our skilled team has experience with digital assets and our breadth of knowledge means we can answer your questions and assist you in gaining access to what you’re owed.

Schedule a call, here today.

The Rise of the Crypto Divorce

Talk to anyone who’s gone through divorce and they’d likely say the experience was no walk in the park. If you’re facing a divorce in 2022, there’s a new asset that needs to be accounted for – Cryptocurrencies. Here’s what you need to know.

In the last few years, the cryptocurrency market has exploded. It’s hard to go a day without hearing about it in the news. But what does that mean for your divorce?

Well, if you’re dealing with a crypto-rich spouse, it can mean some serious headaches. Crypto assets are notoriously difficult to trace and control—and it doesn’t help that there are still plenty of legal gray areas when it comes to cryptocurrencies themselves. That means they’re not always easy to deal with in court cases like divorce proceedings.

When it comes to discovering hidden assets such as cryptocurrencies, Masters Law Group has your back. Here’s everything you need to know about crypto assets in divorce cases so you can make sure you’re getting what’s fair.

Cryptocurrency Basics

Cryptocurrency is a form of digital currency that uses the technology of cryptography to secure its transactions. It is designed to be used as a medium of exchange, like money, but it can also be used to transfer data securely.

One of the early appeals of cryptocurrency was that it provided the opportunity to transfer large amounts of wealth anonymously without any government or institutional interference. These days, cryptocurrency is used by some owners to take care of routine matters such as paying bills, buying goods, and others use it as collateral to obtain loans. Many others are purchasing it as a form of investment.

The most popular form of cryptocurrency is Bitcoin. Some examples of other digital currencies include Litecoin, Ethereum, Ripple, Zcash, Bitcoin Cash, Cardano, among others. 

Why is Cryptocurrency Relevant Upon Divorce?

Cryptocurrency is an asset to be considered in the financial settlement. The reality is that it is not a feature of mainstream divorce yet. This is because a large proportion of the general public still views cryptocurrency as too much of a gamble and the difficulty of identifying whether or not someone holds cryptocurrency.

However, with the current growth in popularity we can expect to see more cases involving cryptocurrencies as assets for divorce settlements. Cryptocurrency is increasingly being used as an alternative form of payment and investment, so it’s important to understand how it could be treated in your divorce case.

Looking For Cryptocurrency Assets

If you suspect that your spouse/civil partner is hiding cryptocurrency from you, there are steps you can take to investigate the matter.

First, make sure that both parties provide full and frank disclosure. This means that both parties should disclose all of their assets, including cryptocurrency. If one party suspects that the other isn’t disclosing cryptocurrency in the course of their divorce proceedings, then preliminary investigative works need to begin.

The standard disclosure process requires each party to disclose bank statements. These should be carefully examined to see if there are any transactions or proof of purchase of cryptocurrency i.e. exchanges or trading platforms. If the bank statements aren’t showing anything, then you can  request your spouse’s credit card statements. You also can make a specific request for disclosure of all apps on their spouse’s smartphone.

Agreements on Dividing Crypto Assets

The rise of cryptocurrency has created a whole new world for the courts. With its fluctuating value, crypto assets can represent substantial sums of money that are not always easy to track down. This can lead to court cases where one spouse is accused of hiding assets from their spouse, or where an unscrupulous party will try to use the anonymity of crypto assets to hide their own assets.

When a couple gets divorced, it can be difficult to determine how to divide the assets. In the case of cryptocurrency, however, the process is fairly straightforward.

  • Simple Division: You receive a share of the cryptocurrency in its current form.
  • Custodial Holding: If you decide to not set up a cryptocurrency account, you can find the custodial approach suitable. A third-party custodian can transact in cryptocurrency, receive your share and hold it until the divorce is final.
  • Cryptocurrency Owner Liquidation: The former spouse who owns the asset will convert the other party’s share to cash. The digital currency’s value on the day of sale determines how much money you receive.
  • Liquidation With No Claim Upon Remaining Cryptocurrency: This approach starts the same as #3. However, both parties have agreed in advance that the original owner of the cryptocurrency now has full title to the remaining asset and does not owe the former spouse any remaining crypto.

Regardless of whether you decide to keep your cryptocurrency or sell it off, it’s important to remember that there is no loophole when it comes to divorce proceedings. The courts are used to the volatility and fluctuating value of shares and other types of assets—cryptocurrency is a whole new phenomenon.

If you’re having doubts and suspect that your spouse is hiding crypto and don’t know what signs to look out for, you can find that information here. If you have questions about the different types of crypto and are trying to get acquainted with the market, you can find that information here.

Masters Law Group – Cryptocurrency and Divorce Lawyers

When you are facing the divorce process in Illinois and are dealing with cryptocurrency asset division, do not hesitate to call the attorneys at Masters Law Group. 

Our team of attorneys are highly experienced in dealing with Cryptocurrencies in divorce and are here to answer your questions about divorce and digital asset division.

Contact us today for more information, or to schedule a consultation.

A Guide to Divorce and Cryptocurrency

In 2022, cryptocurrencies are playing a big role in divorces. If you’re facing a divorce and lost on how to find, value and split cryptos, here’s what you need to know. 

With the rise in popularity of cryptocurrency over the past few years, it is becoming a hot topic in many divorce cases. When it comes to dividing assets in a divorce, it can be difficult to know what to do with cryptocurrency. While there are many different types of cryptocurrencies, they all operate in fundamentally similar ways: they are digital currencies that can be exchanged for goods and services or other currencies, and many are traded on online exchanges.

This guide will give you a high-level overview of cryptocurrency and explain your options on how to deal with it in a divorce. Let’s take a look.

Cryptocurrency Basics

The rise (and falls) of cryptocurrency has been unlike anything we’ve ever seen. The market is so volatile that some have compared it to the Wild West. And yet, the demand for it seems insatiable. So what is cryptocurrency, and why are people so interested in it?

Cryptocurrency is a virtual or digital currency that can be used like real money as a medium of exchange. It is not a physical token, like a dollar bill, but is similar to an electronic payment system (think of swiping your credit card) as a way to pay for something.

Cryptocurrency “coins” are held in a digital wallet, which can be an online service, a software program, or a personal hard drive among other things. The wallet allows the owner to make secure transactions for goods and services or keep it as a type of investment. Since the coins are not issued by a central authority, like a bank or government, they are theoretically immune to inflation and other government interference.

Cryptocurrency and Taxes

When you sell or transfer cryptocurrency, it is treated as property and capital gains are taxed. You will incur a gain or loss when sold, transferred as payment for goods or services, exchanged with another crypto, and at other various scenarios.

You are required by the IRS to report gains and losses on each transaction even if the gain or loss is not material. The difference between the purchase price and sales/transfer price is what will be taxed.

If the value at the time of sale or transfer is more than the purchase price, you will incur a capital gain. If the value at the time of sale or transfer is less than the purchase price, you will incur a capital loss.

Understanding Cryptocurrency and Divorce

When you are going through a divorce, you will need to provide financial disclosures to your spouse. This includes information about your assets, income, and expenses. Cryptocurrency is considered an asset and not income. As such, it should be listed on your financial disclosures when you are going through the divorce process.

Most cryptocurrency holdings have a current value which is listed when you log into your account. The values listed are based on current exchange rates for that specific cryptocurrency to US dollars. However, values can fluctuate by a significant amount daily so it is important to keep this into consideration when using the value listed on the financial disclosures when dividing property.

How to Determine the Marital Portion of Cryptocurrency in a Divorce

Property division laws vary from state to state. A vast majority of states are equitable distribution states where assets are divided fairly but not always equally.

Illinois has taken steps to protect individuals who have invested in cryptocurrencies by allowing them to be counted as part of their overall net worth during divorce proceedings. In Illinois, all property held by either party is presumed marital property unless it falls under an exception such as being acquired before the marriage, being a gift or an inheritance.

Dividing crypto in Illinois is similar to the division of any other assets. Illinois is not a community property state, which means the court will split assets purchased, converted or appraised throughout the marriage in an equitable manner.

How Masters Law Group Can Help

When it comes to modern-day divorce cases, Masters Law Group has you covered on all things crypto. If you’re facing a divorce and suspect that your spouse is hiding crypto (and don’t know what signs to look out for), you can find that information in our recent blog here. If you have questions about the different types of popularized crypto, you can find that information right here.

Masters Law Group is here to help you through this stressful time. It’s important to consult your attorney as soon as you find any hidden cryptocurrency and discuss everything you know about the assets such as the type of crypto, the date of purchase and its appreciation. Gather any documents and records you may need in order to get your affairs in order.

Our team of attorneys are highly experienced in dealing with Cryptocurrencies in divorce and are here to answer your questions about divorce and digital asset division.

Contact us today for more information, or to schedule a consultation.

 

The Illinois Divorce Process and Cryptocurrencies

Cryptocurrencies are a new form of currency, rapidly gaining popularity and media attention across the globe. It’s estimated more than 20 million Americans may own cryptocurrency, and how to split holdings has become a growing concern in divorce settlements. 

The problem for divorcing couples is that the division and valuation of cryptocurrencies can be just as difficult as dividing up the equity in a home.

Throughout our cryptocurrency series we have answered many questions regarding different types of crypto and where you can find hidden assets. In a world where cryptocurrency is increasingly accepted as legitimate, it’s only natural that Masters Law Group’s experienced attorneys would know how to handle it. Here’s a quick look at how the state handles the issue at hand.

Disclosing Bitcoins And Cryptocurrencies in an Illinois Divorce

It’s important to understand how the state of Illinois divides and separates cryptocurrency assets. Illinois has taken steps to protect individuals who have invested in cryptocurrencies by allowing them to be counted as part of their overall net worth during divorce proceedings.

However, there are some stipulations involved in this process. Any money received from selling cryptocurrency is considered to be liquidated property and thus should not be counted as part of the overall net worth of an individual during a divorce settlement.

This process may trigger a couple of questions. How would you verify Bitcoin holdings? Would you print a screen grab from an online platform where you hold Bitcoin or other cryptocurrencies? Would you entrust your ex-spouse or their attorneys with the password to your accounts? Coin exchange companies such as Coinbase will issue a 1099-K each year if there have been $20,000 or more in exchanges of cryptocurrency.

Typically, the opposing party’s attorney will go through the process of cleaning up the financial affidavit and ask you for these documents to verify the claimed assets. The opposing party’s attorney will issue a “Notice To Produce” asking for copies of statements for your 401k, bank accounts, etc. If you have access to those documents, you must provide them a copy of those documents if they request it. Failure to do so can result in a finding of contempt of court.

The Illinois Department of Revenue requires 1099-K forms to be submitted electronically to Illinois when four or more separate transactions exceed $1,000 or if you are required by the IRS* to electronically file Forms 1099-K.

Essentially any 4 crypto-currency purchases, sales or trades will trigger a 1099-K in Illinois and the cryptocurrency holder will have those 1099-K as part of their standard tax packet. If your spouse will not fully disclose their cryptocurrency holdings, you may have to turn to an expensive third party to discover any additional holdings.

How Do You Divide Crypto in Illinois?

After determining the actual existence and quantity of your spouse’s cryptocurrency, the next step in the analysis is to figure out what portion of the cryptocurrency is marital. In Illinois, all property held by either party is presumed marital property unless it falls under an exception such as being acquired before the marriage, being a gift or an inheritance.

Typically, if both parties agree to the settlement they might have to include a formula for the volatility of the crypto. Once the judge approves of the formula, the price of that cryptocurrency in the martial estate becomes more foreseeable. 

Dividing crypto in Illinois is similar to the division of any other assets. Illinois is not a community property state, which means the court will split assets purchased, converted or appraised throughout the marriage in an equitable manner. It’s important to note that when it’s split equitably, it doesn’t always mean equal. Here are a couple factors that determine equitable distribution:

  • Age, health, financial circumstance of a spouse
  • Financial contributions to marital estate
  • Court-ordered obligations related to previous marriages
  • Child custody considerations
  • Prenuptial and postnuptial agreements
  • Tax Concerns
  • Marriage Duration
  • Alimony provisions

If you are ever unsure about the ownership of your property, you should consult legal counsel immediately in order to avoid any uncertainness. Lastly, if both parties agree to the settlement they might have to include a formula for the volatility of the crypto. Once the judge approves of the formula, the price of that cryptocurrency in the martial estate becomes more foreseeable.

The volatility of the price of these assets makes it very difficult to adequately value at the time of the divorce. Discovery and final negotiation of a divorce can sometimes take months and in that time a cryptocurrency could double or halve in value. A cash out of the cryptocurrency before the finality of the divorce is probably advised to finalize the marital value.

How Masters Law Group Can Help

When it comes to modern-day divorce cases, Masters Law Group has you covered on all things crypto. If you’re facing a divorce and suspect that your spouse is hiding crypto (and don’t know what signs to look out for), you can find that information in our recent blog here. If you have questions about the different types of popularized crypto, you can find that information right here.

Masters Law Group is here to help you through this stressful time. It’s important to consult your attorney as soon as you find any hidden cryptocurrency and discuss everything you know about the assets such as the type of crypto, the date of purchase and its appreciation. Gather any documents and records you may need in order to get your affairs in order. 

Our team of attorneys are highly experienced in dealing with Cryptocurrencies in divorce and are here to answer your questions about divorce and digital asset division.

Contact us today for more information, or to schedule a consultation.

Cryptocurrency Series: 12 Most Popular Types of Crypto and What to Know Before Divorce.

Cryptocurrency is by design difficult to trace, making it an ideal asset to hide from a spouse. If you’re new to the world of Crypto, it gets even more challenging. Here’s a list of the most popular cryptos to look out for and how to include them in your divoce settlement. 

If you’ve been following our Crypto and Divorce series you may already be aware of the difficulties crypto assets bear in divorce. As a quick recap, we’ll be covering what Cryptocurrency is as well as the 12 most popular types of crypto in the market.

With all of these forces at play during a divorce, it’s best to be prepared for whatever the outcome may be and hiring a family law attorney well-versed in cryptocurrencies is always an advantage. Here’s what you need to know about the 12 most popular types of Cryptocurrencies and how you can best prepare for them before divorce. 

Cryptocurrency is a digital form of payment that can be used to purchase goods or services online. Every transaction is done online and tracked via a highly secure ledger called a blockchain. Let’s jump into some of the various types of crypto there is on the market.

  • Bitcoin (BTC)

Notably known as the most popular form of crypto, Bitcoin is widely known as the first major cryptocurrency to hit the market. It first debuted in 2009 and many others have become popular but not as popular as the original. 

Bitcoin is still the coin people generally reference when they talk about digital currency. Its mysterious creator — allegedly Satoshi Nakamoto — debuted the currency in 2009 and it’s been on a roller-coaster ride since then. However, it wasn’t until 2017 that the cryptocurrency broke into popular consciousness.

  • Ethereum (ETH)

Ethereum is the second name you’re most likely to recognize in the crypto space. The system allows you to use ether to perform a number of functions, but the smart contract aspect of Ethereum helps make it a popular currency.

Ether is used mainly for two purposes: It is traded as a digital currency on exchanges in the same way as other cryptocurrencies, and it is used on the Ethereum network to run applications. According to Ethereum, “people all over the world use ETH to make payments, as a store of value, or as collateral.”

  • Tether (USDT)

Tether’s price is anchored at $1 per coin. That’s because it is what’s called a stablecoin. Stablecoins are tied to the value of a specific asset, in Tether’s case, the U.S. Dollar. Tether often acts as a medium when traders move from one cryptocurrency to another. Rather than move back to dollars, they use Tether. However, some people are concerned that Tether isn’t safely backed by dollars held in reserve but instead uses a short-term form of unsecured debt.

  • Binance Coin (BNB)

Binance Coin is the cryptocurrency issued by Binance, among the largest crypto exchanges in the world. While originally created as a token to pay for discounted trades, Binance Coin can now be used for payments as well as purchasing various goods and services.

  • USD Coin (USDC)

Tether and USD Coin are both stablecoins that are attached to the dollar, meaning that its value should not fluctuate. The currency’s founders say that it’s backed by fully reserved assets or those with “equivalent fair value” and those assets are held in accounts with regulated U.S. institutions.

  • Ripple (XRP) 

Formerly known as Ripple and created in 2012, XRP offers a way to pay in many different real-world currencies. Ripple can be useful in cross-border transactions and uses a trust-less mechanism to facilitate payments. 

Ripple is known for their advanced blockchain technology for global payments. Where financial institutions are able to expand into new markets around the world and eliminate pre-funding by leveraging the power of XRP.

  • Solana (SOL)

Solana was created in 2017 by Anatoly Yakovenko alongside current Solana board member and Chief Operations Officer Raj Gokal. Yakovenko, now Solana Lab’s CEO, came from a background in system design and wanted to apply his knowledge toward a new blockchain paradigm that enabled faster processing speeds.

Solana is a newer cryptocurrency and it touts its speed at completing transactions and the overall robustness of its “web-scale” platform. The issuance of the currency, called SOL, is capped at 480 million coins. Solana’s increasing popularity has made it Ethereum’s growing rival. 

  • Terra (LUNA)

Using its currency Luna, Terra is a platform that helps backstop a range of stablecoins based on real currencies such as the dollar or euro. Terra helps stabilize the price of stablecoins through various technical means, and it also supports smart contracts.

According to the Terra website, the Terra protocol creates stablecoins that track the price of any fiat currency using a combination of open market arbitrage incentives and decentralized Oracle voting. On the Terra blockchain, users may spend, save, trade, and swap Terra stablecoins.

  • Cardano (ADA)

Cardano is the cryptocurrency platform behind ada, the name of the currency. Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies. Cardano was created by the co-founder of Ethereum, and this cryptocurrency also uses smart contracts, enabling identity management. 

  • Avalanche (AVAX)

Avalanche is a fast and low-cost smart contracts-based blockchain platform focused on building decentralized apps and facilitating the creation of custom blockchains. Its users can process transactions in the native AVAX token. 

The AVAX token is hard-capped which makes it a scarce asset that is used to pay for fees, and secret the platform through staking. Ultimately the hard cap provides a basic unit of account between the multiple subnets within Avalanche.

  • Polkadot (DOT)

Polkadot is a currency that connects blockchains which allows value and data to be sent across other incompatible networks. For example Bitcoin and Ethereum. It’s also designed to be fast and scalable. 

The DOT token is used for staking and governance; it can be bought or sold on Coinbase and other exchanges. Polkadot was founded by another co-founder of Ethereum. Industry specialists believe Polkadot is looking to eventually dethrone Ethereum.

  • Dogecoin (DOGE)

Dogecoin originated as an alternative to traditional cryptocurrency such as bitcoin. Both the name and logo were based off of a meme that went viral. Dogecoin is intentionally abundant which is different in comparison to bitcoin which is scarce. In 2021, Dogecoin became one of the biggest cryptocurrencies in the market. Dogecoin crypto can be used for payments or sending money.

Divorce and Crypto Assets

Cryptocurrency is considered an asset and as a result, it may be considered separate property or marital property. In some cases, growth in the value of cryptocurrency during the marriage may be considered a marital asset, even if the original purchase took place before the marriage.

This is especially true when both spouses were involved in using cryptocurrency, investing in crypto assets, or planning to rely on crypto to fund future financial ventures. If you’re a crypto investor considering divorce, you should always consult with your lawyer about how you can expect your investments to be affected by the separation.

Bottom Line

The cryptocurrency market could be compared to the Wild West. Although, the U.S. government has been taking on a more active role in overseeing crypto space. Volatility can be intense, with crypto assets fluctuating significantly even in a single day. This leaves individual investors to trade against highly sophisticated players, making it a fraught experience for beginners getting into crypto.

Regardless of your skill level, splitting digital currency may be more complex than traditional investments, such as stocks, bonds, or mutual funds. It is important to be prepared and make sure that crypto is properly discovered and valued in family law matters. If you know or suspect that cryptocurrency will be a part of your divorce, talk to your family law attorney immediately and put together a game plan in your divorce case.

Our team of award-winning attorneys are highly experienced in dealing with Cryptocurrencies in divorce, and are here to answer your questions about divorce and digital asset division.

Contact us today for more information, or to schedule a consultation.

The Dogecoin Divorce

Industry groups estimate more than 20 million Americans may own cryptocurrency, including Dogecoin. Now many are left wondering how to split holdings in divorce settlements. 

Divorce is one of the most stressful events that a human can endure. It can be physically, emotionally, and financially draining. Especially when you’re dealing with the division of your assets. Now that some of those assets have gone digital for an increasing number of people, an already complicated process stands to get more difficult.

Cryptocurrency is a digital form of payment that can be used to purchase goods or services online. Every transaction is done online and tracked via a highly secure ledger called a blockchain. You might have heard of Dogecoin, a crypto that has made big news lately for its wildly fluctuating value. There are more than 10,000 unique publicly-traded cryptos, with more being added every day.

In the sixth part of our Cryptocurrencies and Divorce series, we discussed the situations in which cryptocurrency can be found during the divorce settlement process and also if it can be lost within the settlement. While tracking down the funds isn’t an easy process, our third part of the series will give you a little more insight on the Cryptocurrency Dogecoin Assets.

With all of these forces at play during a divorce, it’s best to be prepared for whatever the outcome may be and hiring a family law attorney well-versed in cryptocurrencies is always an advantage. Here’s what you need to know about Dogecoin and Divorce.

What is Dogecoin?

Dogecoin originated as an alternative to traditional cryptocurrency such as bitcoin. Both the name and logo were based off of a meme that went viral. Dogecoin is intentionally abundant which is different in comparison to bitcoin which is scarce. In 2021, Dogecoin became one of the biggest cryptocurrencies in the market. 

Since Dogecoin was created to be abundant, miners were able to produce more by the minute. DOGE was based on supply and demand, and that surged enomurlsey which inturn has given it a higher value- due to reddit threads popularizing this cryptocurrency. 

Fast-rising DOGE prices in 2021 attracted media attention due to social media memes, which created a cycle that attracted more investors and further increased prices. Whenever an asset sees such dramatic gains, people tend to have a fear of missing out, which brings waves of new traders into the fold. 

It’s important to note that DOGE remains a highly volatile cryptocurrency. Like any investment there is no guarantee that it will go up or down in the future.

Challenges of Crypto & Divorce

The rising popularity of cryptocurrency for investors means that it is becoming a factor in divorce settlements. Many spouses are attempting to hide their money inside crypto to keep it from being divided between themselves and their future ex-partners.  

​​The costs associated with uncovering hidden cryptocurrency assets can also be substantial. Before moving forward with a court order to uncover potential hidden crypto assets, a spouse and their divorce lawyers may want to make sure that they are relatively certain about the outcome. 

One of the biggest obstacles for divorcees is simply a lack of understanding about what crypto is and how it factors into the traditional financial portfolios of divorcing spouses. The amount of money involved is also a consideration. People with a few hundred or even a few thousand dollars in undisclosed cryptocurrency are rarely the proper target of such an investigation. An experienced family law attorney may help a spouse concerned about crypto assets decide whether or how to pursue a court order and full forensic investigation. 

Final Thoughts

Living in a digital age like we do today, where things become meme-able by the second due to social media, it’s important to stay in the know. That’s why Dogecoin, Bitcoin, and other cryptocurrencies are increasingly expected to pop up in a divorce settlements today and in the future.

Because splitting digital currency may be more complex than traditional investments, such as stocks, bonds, or mutual funds, it is important to be prepared and make sure that crypto is properly discovered and valued in family law matters. If you know or suspect that cryptocurrency will be a part of your divorce, talk to your family law attorney immediately and put together a game plan for dealing with it. 

Our team of award-winning attorneys are highly experienced in dealing with Cryptocurrencies in divorce, and are here to answer your questions about divorce and digital asset division.

Contact us today for more information, or to schedule a consultation.

How is Cryptocurrency Split in Illinois?

With Cryptocurrencies exploding since 2009, they’re now beginning to show up in divorce courts across the U.S. Painstakingly difficult to trace and value, it’s best to find a divorce attorney well-versed in cryptocurrencies and who understands how to find, value and split cryptos in your divorce case. 

In our current Cryptocurrencies and Divorce series, we discussed situations where cryptocurrency can be found during a divorce settlement as well as the various types of cryptocurrencies and where they can lie if they are being hidden.

If you and your spouse are in the process of a divorce or considering divorce, you may want to tune in. It’s important to have an attorney who understands how volatile crypto is and how to equally divide assets. In order to protect your financial future, it’s absolutely essential to understand how the state of Illinois splits and divides crypto during a divorce settlement.

Here’s a look at how the state of Illinois splits cryptocurrency assets amid divorce.

Cryptocurrencies and Wallets

Crypto first appeared on the scene in 2009, and slowly rose to fame with the public over the course of several years. Since then, divorce courts have seen a large amount of settlement cases dealing with the division of cryptocurrency assets. While there are many different types of crypto on the market, it’s important to recognize some of the most frequently used cryptocurrencies. Some of the most popular include:

You can purchase crypto on exchange networks like Biance, Coinbase or Kraken – some of the most frequently used networks that invest in digital currencies. With low fees, scope for growth, and seamless transactions, it makes it all the more appealing to want to take part in the growing crypto market evolution. 

Splitting Crypto in Illinois

There’s a couple different situations where a judge will look at determining the division of assets in a divorce settlement. For example, how do you assess the value of the crypto you have? It’s important to note that crypto is volatile and prices always fluctuate drastically, sometimes within minutes throughout the course of one day. The price swings can significantly affect the settlement of marital property.

Typically, if both parties agree to the settlement they might have to include a formula for the volatility of the crypto. Once the judge approves of the formula, the price of that cryptocurrency in the martial estate becomes more foreseeable.

Dividing crypto in Illinois is similar to the division of any other assets. Illinois is not a community property state, which means the court will split assets purchased, converted or appraised throughout the marriage in an equitable manner. It’s important to note that when it’s split equitably, it doesn’t always mean equal. Here are a couple factors that determine equitable distribution:

  • Age, health, financial circumstance of a spouse
  • Financial contributions to marital estate
  • Court-ordered obligations related to previous marriages
  • Child custody considerations
  • Prenuptial and postnuptial agreements
  • Tax Concerns
  • Marriage Duration
  • Alimony provisions

If you are ever unsure about the ownership of your property, you should consult legal counsel immediately in order to avoid any uncertainness.

How Masters Law Group Can Help

At Masters Law group we have all cryptocurrency topics covered. If you’re having doubts and suspect that your spouse is hiding crypto and don’t know what signs to look out for, you can find that information here. If you have questions about the different types of crypto and are trying to get acquainted with the market, you can find that information here.

Masters Law Group is here to help you through this stressful time. It’s important to consult your attorney as soon as you find any hidden cryptocurrency and discuss everything you know about the assets such as the type of crypto, the date of purchase and its appreciation. Gather any documents and records you may need in order to get your affairs in order. 

Our team of attorneys are highly experienced in dealing with Cryptocurrencies in divorce and are here to answer your questions about divorce and digital asset division.

Contact us today for more information, or to schedule a consultation.

 

Top 6 Signs Your Spouse is Hiding Crypto

Is my spouse hiding Crypto? We know hiding assets is a penalty-inducing divorce tactic used by many. But in 2022, soon-to-be divorcees are hiding money from family members and authorities using cryptocurrency.

Cryptocurrency nowadays can add new complications to a divorce. Just like any other marital asset, if cryptocurrency, or other digital currency was purchased, or increased in value, during the marriage, it is a marital asset that is subject to distribution in both equitable distribution and community property states.

In the fourth part of our Crypto Currencies and Divorce series, we discussed the situations in which we discussed the situations in which cryptocurrency can be found during the divorce settlement process and also if it can be lost within the settlement. While tracking down the funds isn’t an easy process, this article will give you signs to watch out for.

Here’s what you need to know if your spouse is hiding crypto.Hiding Crypto

1. Bank and Credit Statements

First things first, if you believe that your spouse is hiding cryptocurrency and has used marital money to purchase it, you should take an active role in looking for proof of your suspicions.

Cryptocurrency is usually purchased with liquid cash, so at some point money moves from a bank account into a cryptocurrency exchange. Certain websites function as the entry point for most people interested in obtaining or trading Bitcoin and other digital currencies. Look for popular echange names such as: Coinbase, Binance, Etoro, Coin Switch, Luno and PaxForex. All it can take is one initial transaction in “normal dollars and cents” to enter this new world of Bitcoin, where untold more digital currency can be obtained. 

If you see any crypto activity, however insignificant, it’s worthy to investigate further — especially if your spouse omitted it from the initial deivorce documentation.

2. Crypto Wallets and Private Keys

Crypto keys make for excellent evidence. Each crypto wallet comes with a key that can then be traced to show all transactions associated with the wallet. A sure sign of Crypto activity in the household is the discovery of a crypto key. But not many know what to look for, since the key doesn’t represent a traditional metal object. So what do these keys look like?

A private key is a secret, alphanumeric password/number used to spend/send your bitcoins to another Bitcoin address. It is a 256-bit long number that is picked randomly as soon as you make a wallet.

The degree of randomness and uniqueness is well defined by cryptographic functions for security purposes.

This is how the Bitcoin private key looks:

2zJ4kLf5zgWrnogidDA76MzPL6TsZZY36hpXXssSzNydYXYB9fe

Many of these password keys are stored on a keydrive. If you happen to find this key, take note of it for evidence. Many hide these keydrives in a private and secure place, such as a safe, while others can simply save these password key codes hidden on their laptops.

3. Presence Crypto Exchanges in Apps

See if there are any crypto-related apps installed on shared electronic devices. Look for Bitcoin wallets like Coinbase, Mycelium, Ledger, SoFi, and Trezor, or apps for buying and selling crypto, like CEX.IO or BlockFi.

Any of the common exchanges listed above offer apps for mobile crypto banking. If you share one phone account, you may be able to access the history of all apps downloaded to any phone on your plan. If you are not able to obtain this information on your own, your attorney can add to this to items to be produced during discovery.

4. Loan Applications & Tax Returns

Another area to explore are loan applications and tax returns. If a person is trying to hide assets from you, and they are not disclosing Bitcoin or other cryptocurrencies on their net worth statement, they might record it on a loan application. 

It’s also important to check if your spouse has reported crypto on tax returns. Reporting of digital currency is required by the IRS, even though there are those who fail to do so. In 2014, the IRS declared that virtual currencies are property.

5. Large Online Purchases

For spouses who are hiding currency, they don’t buy the initial crypto to put in their wallet, which in turn, avoids any direct charges made to a bank or credit account. Instead, they connect with a crypto user in one of the many user forums who is willing to accept goods that will be paid in said cryptocurrency. 

The agreement might entail buying items of the crypto owner’s choice on Amazon, and in return, this crypto will be deposited in the owner’s empty wallet, giving them their entrance into this world. It’s important to remember that crypto wallets function completely outside the normal banking system, so no one will be the wiser should this transaction take place — unless you get smart about your spouse’s buying habits. 

Scan Amazon and other online sellers. If you don’t have access to your spouse’s Amazon account, this can be something that your attorney requests to see during divorce discovery.

6. Secretive Behavior with Finances

If you still receive paper statements this is a great way to track down their use of bitcoin and other cryptocurrencies. If the paper trail used to show up in the mail and then suddenly stopped – that’s a red flag and should raise some suspicion. 

It’s important to have passwords to all of your shared online bank and credit accounts, but if they’ve been changed, that’s again, another red flag. Call your bank and credit card company to request copies be sent directly to you for all joint accounts. Let your attorney know as soon as possible so that steps can be taken to make your spouse produce documentation of all joint accounts.

Final Thoughts

If you know or suspect that cryptocurrency will be a part of your divorce, talk to your family law attorney immediately and put together a game plan for dealing with it. 

At Masters Law Group, our team of attorneys are highly experienced in dealing with Cryptocurrencies in divorce and are here to answer your questions about divorce and digital asset division.

Contact us here today for more information, or to schedule a consultation