For most couples, a divorce is a fairly straightforward undertaking. Once custody and property division is settled, each individual goes his or her separate way and starts a new life without undo complications. However, in the new age of digital money, wealthy Texas residents may find that cryptocurrency adds complexities to an already complex divorce.
By now, most have heard the term bitcoin, which is a type of Internet money that came into being approximately 10 years ago. In 2017, this currency was worth an estimated $20,000 per coin for a brief period of time. While that surge in value quickly self-corrected, it is still being used as a digital currency in certain circles. In addition to this form of money, there are several others that have been established over the past few years that all share the common traits of being difficult to assign a particular value to and are difficult to trace for those who are unfamiliar with the world of cryptocurrency.
Hiding assets online is expected to become more prevalent in the coming years. Unless an accountant or attorney is well-versed in tracking down this form of currency, knowledgeable individuals may successfully conceal considerable assets from a spouse. Several financial professionals have lamented that laws and regulations are woefully outdated in ensuring that those who hold these assets report them during the financial discovery phase of a complicated divorce.
There are ways to track these funds since the technology used to convert money can be traced to an individual. Unfortunately, since many congressional members are still struggling to grasp all of the changes in technology, it has been difficult to fully regulate these forms of digital assets. Texas residents who will be facing a complex divorce may be best served by consulting with divorce professionals who are skilled in uncovering all forms of assets in order to structure a settlement agreement that will provide one with financial security into the future.