During the process of getting a divorce in Pennsylvania, it is natural for two spouses to fight over money. However, in today’s high-tech world, dealing with cryptocurrency, like Bitcoin, when addressing property division is a completely different matter. For this reason, having cryptocurrency as an asset may make a couple’s divorce process more complicated.
Cryptocurrency is essentially virtual currency. This type of currency is surging in popularity. The problem, though, is that the cryptocurrency market is largely unregulated, meaning that owners of this type of currency can easily hide their assets — including during divorce proceedings.
The truth, though, is that forensic accountants may still be able to potentially uncover assets that have been hidden with the help of cryptocurrency. For this reason, it is generally a wise idea to reveal all of one’s assets from the start of a divorce proceeding. Still, a person who is particularly knowledgeable about cryptocurrency may end up successfully concealing his or her assets, thus putting his or her future ex-spouse at a disadvantage during the divorce proceeding.
Even if a divorcing couple does not necessarily have to worry about dividing cryptocurrency, figuring out how to split other types of assets — including the family home — can still be a complex process. If possible, two divorcing spouses may want to try to tackle property division outside of court through mediation or informal negotiations, as these processes are less stressful than going to divorce trial. Of course, sometimes, trial is inevitable. Fortunately, in either situation, an attorney in Pennsylvania can help a person who is going through divorce to pursue the most personally beneficial outcome given the circumstances of the marital dissolution.
