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Hidden assets are a major threat to high net worth divorce cases in New York. Typically, assets are hidden by transferring funds from a joint account to a private one, or loaning money to a relative or friend for the duration of the divorce.
A growing concern in New York divorce cases revolve around Bitcoin. What exactly is Bitcoin, and how can it affect your high net worth divorce? Is there a benefit to your family law attorney accepting Bitcoin as payment?
Bitcoin and High Net Worth Divorce
Bitcoin, often referred to as cryptocurrency, is a worldwide digital currency. This means that there is no physical money associated with Bitcoin- it is all virtual.
What makes it so dangerous to divorce is that all transactions and accounts can be anonymous and incredibly hard to trace. Users do not need to provide their names or any identifying information, since their money is stored in a virtual cloud. This makes Bitcoin a very attractive means for scorned spouses to hide assets during divorce.
It is easy to hide marital funds by siphoning money into Bitcoin. The process can be completed using bank and wire transfers, credit cards, or with cash. Since there is no paper trail, your spouse can claim that the missing money never existed. This means that you will receive a lower financial settlement, and equitable distribution will be skewed in your ex’s favor.
Combat Hidden Assets and Bitcoin
Divorce Attorney Takes Bitcoin
A growing number of New Yorkers are using Bitcoin to pay for everyday expenses, including their legal fees. To help meet the demand of our clients, we are excited to announce that Brian D. Perskin & Associates P.C. now accepts Bitcoin as payment for initial divorce retainers and legal fees.
For more information on how Bitcoin can impact your New York divorce case, or for help tracking down hidden assets, contact us at 718-875-7584 today!