Dividing Crypto In A Divorce: Are Orlando Family Courts Prepared?
Having once been an extremely obscure asset, cryptocurrency is now a mainstream aspect of the financial world. People from all walks of life are investing, and many are being rewarded handsomely. But while crypto is now part of the financial world, some argue that it still has a long way to go in the legal world. Do courts in Orlando really understand how to deal with this asset? This is an important question, especially since so many families are now trying to divide cryptocurrencies as part of a divorce. Whether you own crypto or you’re trying to get your fair share of the Bitcoin in a divorce, you might be wondering how the court will handle your situation.
Concealed Crypto Assets
The first thing you need to know is that crypto is actually quite easy to conceal – perhaps more so than older methods such as gold or offshore accounts. Crypto is completely anonymous, which means that there’s no way to tell who owns which coins. Wallets are assigned specific “keys,” and these are completely random sets of numbers. As long as you don’t publicly reveal your key, no one can find out that you own a specific wallet.
Of course, this doesn’t necessarily mean that crypto is untraceable. After all, you will create some kind of paper trail when you transfer money out of your bank account and into an exchange. The transaction will still be recorded by your bank, and questions will be raised about where that money ended up.
Of course, there are a few ways around this – and savvy crypto investors can use all kinds of methods to make their transactions almost completely invisible. In addition, it’s worth noting that crypto is a very popular method for laundering money – and your spouse could be taking proceeds from undeclared or illegal income and putting it into crypto.
Some crypto wallets can be held “cold,” which means that they don’t even exist online. The classic example is a forgotten USB stick that contains millions of dollars worth of Bitcoin. If your ex bought Bitcoin over a decade ago when it was still very cheap, this little USB stick could be worth a fortune. But because the initial transaction was so low and it occurred so long ago, this asset could easily fall under the radar.
Where Can I Find a Qualified, Experienced Divorce Attorney in Orlando?
If you’ve been searching for a qualified Orlando divorce attorney, look no further than Steve Marsee, P.A. Over the years, we have helped numerous divorcing spouses across the Sunshine State. We know that complex assets like cryptocurrencies can prove to be a real headache – and we’re here to help streamline the property division process. Whether you’re trying to keep hold of your crypto or gain access to your ex’s Bitcoin wallet, we can guide you to the best outcome. Book your consultation today to get started with an effective action plan.