A marriage doesn't legally end until a Judge signs the Judgment of Divorce. In New York, the Supreme Court is the only court that handles divorce cases.
Write a comment In Illinois, incident to resolving a divorce case, all assets and liabilities are required to be identified, valued, and allocated between the parties equitably. With the rise of the digital age, issues of valuation have expanded to the world of cryptocurrencies such as Bitcoin.
Valuation, however, is not the only issue involving bitcoin and divorce. Today, divorcing parties and their attorneys must be diligent in approaching bitcoin and all other cryptocurrencies for that matter during divorce. While identification of the existence of bitcoin or other cryptocurrency is the starting place, one must first understand what bitcoin is.
Bitcoin is an electronic currency that allows users to transfer funds directly to one another through a peer-to-peer system without the need for a middle man, like a bank or Western Union.
It does not have governmental backing. According to the Journal, its extreme price volatility significantly diminishes its usefulness as a reliable unit of account or effective means of payments. Bitcoin might, however, serve as a sustainable store of value, like gold.
Michael Leon, a financial and cryptocurrency expert with Athena Investor Services stated: The first is dealing with a spouse who is determined to use bitcoin to hide assets, much the same way as a spouse might have used an overseas bank account to hide assets in divorce years ago.
Because there are no middle men required like a bank, government entity, or wire transfer facility in the transfer and use of bitcoin, obtaining a paper trail can be difficult.
Unlike transfers in and out of a bank account for which one can request copies of statements, bitcoin transfers occur primarily via the web or in cash. Further, the peer-to-peer trading concept of bitcoin, although easy for the user, proves extremely difficult for purposes of identification.
Regardless, there a few necessary steps divorce attorneys can take when dealing with bitcoin. First, attorneys should be sure to include in their standard discovery a request for all information regarding bitcoin and cryptocurrency in general.
Inquiring about unexplained outgoing wire transfers should be made.
Bitcoin can be owned individually or through an exchange and can be bought and sold person to person or through an exchange. Perhaps a records subpoena should issue to one or more exchanges that trade bitcoins.
Also, government regulations are in their beginning stages. The IRS is now looking at gains on the sale of bit coins as a reportable taxable event, which would provide another avenue for discovery. The second primary issue related to bitcoin and divorce is the market volatility.
As discussed above, valuation of assets is a key component to resolving a divorce. Because of the extreme price volatility of the cryptocurrency market, valuation of said asset may prove difficult.
According to Michael Leon: Is valuation of bitcoin like trying to catch a falling knife when its price is dropping? In cases where there is extreme volatility, a division in kind may make the most sense.
Ultimately, the rise in the digital age poses additional challenges to resolving divorce cases. In order to promote an equitable division of the marital estate, divorce attorneys should take necessary measures through specific discovery to ensure protection for the non-cryptocurrency holding spouse.Overview of Divorce.
Filing for divorce can be scary and unsettling. Before taking legal action, it is best to learn and understand your legal rights and the divorce process in general.
Behavioral Issues in Children After Divorce After a divorce or separation, it isn't uncommon for children to display some behavioral issues. A child acting out shouldn't come as a complete surprise because after all, a divorce or separation is a challenging obstacle for the entire family to go through.
Firm Overview Louis Paz Winner Provides Insightful Counsel & Effective Strategies in "Louisville Family Law®" Louis P. Winner is a Partner at the Louisville, Kentucky law firm of Clay Daniel Winner, LLC. The family law section of the firm primarily consists of Louis P.
Winner, although many other attorneys in the firm occasionally practice in the family law area. Divorce Basics. A marriage doesn't legally end until a Judge signs the Judgment of Divorce.
In New York, the Supreme Court is the only court that handles divorce cases. At the Lasky Law Firm, we take on family law cases exclusively. We understand how stressful these matters can be, and we provide a relaxing office atmosphere, compassionate counsel, and decades of experience to help you resolve any divorce or family law matter.
Legal Issues; Name Search; Browse Lawyers where to file for divorce, serving and answering a divorce petition, the discovery and general family court process, divorce records and related privacy issues, child support and custody, divorce mediation, and more.
You’ve come to the right place for an overview of the divorce process. Learn.