high asset divorce

Equitable Division Standard and Hiding Assets

In general, property division settlements in divorce cases are held to an equitable division standard. This standard holds that, with few exceptions, marital property acquired during the duration of a couple’s marriage must be split equitably when that marriage ends. This is not to say that every asset must be split 50/50. One spouse may choose to retain the marital residence, while the other spouse walks away with retirement accounts, stock and personal property that is valued similarly to the house. But no matter how assets are split, marital property generally must be divided evenly in the end.

Of course, there are exceptions to this broad rule. As a result, it is important to speak with one of the best divorce lawyers in Tampa, FL before making any assumptions about your case. But both the general standard and any exceptions applied are subject to the forthright and complete disclosure of marital assets. This means that hiding assets compromise the integrity of a settlement, its foundational standard and any legitimate exceptions applied to that standard. Even though cryptocurrency is held anonymously in an industry sense, hiding these assets from the court is considered a breach of justice and may leave you vulnerable to significant penalties. The law is not always sure how to value cryptocurrency or divide it as an asset, but it is certainly unacceptable to hide this asset when navigating a divorce settlement. Since the dawn of the republic, the law has evolved as the American experience has evolved. Not to say that the law always advances at the same rate as social and technological progress, but it almost always changes when significant developments begin to impact the daily lives of individuals, families and industry. Sometimes laws change standards explicitly while sometimes existing laws are simply applied in new ways. It is important to understand that the law does not always evolve in particularly straightforward ways.

Take, for example, the ways in which the law is evolving in order to better reflect the fact that electronic communications and transactions are increasingly influencing American life. One of the most recent social developments impacting the ways in which divorce cases are resolved involves digital assets including cryptocurrency. Many Americans are attracted to cryptocurrencies like Bitcoin because they are both not subject to centralized control and are generally held anonymously. The same things that make cryptocurrencies attractive to investors make them difficult to regulate. As a result, the law is currently evolving in order to better ensure that this form of financial investment does not become a dumping ground for individuals looking to hide assets during divorce.

If you have questions about how either your cryptocurrency investments or your spouse’s investments may impact your divorce settlement, property division agreement and/or spousal support payments, please connect with a divorce attorney Tampa, FL residents trust at The McKinney Law Group. This area of law is currently evolving and is therefore somewhat unsettled. After hearing about your specific situation, one of the best divorce attorneys in Tampa, Florida will be able to more fully answer your legal questions and advise you of your legal options.

If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].

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