Crafton Divorce Lawyer
Divorce: Hiding Assets Via Cryptocurrency
For as long as there has been divorce, spouses have suspected one another of hiding assets.
“Originally, it was under the mattress, and then it was the bank account in the Caymans; now it’s crypto,” according to a recent article in The New York Times.
The rise of cryptocurrencies has led to increased divorce litigation over suspicions that spouses are using the new medium to conceal the true value of the marital estate.
Forensic investigators are often hired to track the movement of cryptocurrencies like Bitcoin from online exchanges to digital wallets.
Digital assets can be traced. Transactions are recorded on blockchains, enabling analysts to follow the money.
Spivak Law Firm handles all areas of family law, including: divorce, high net-worth cases, equitable distribution, spousal support, and alimony. In some cases, we work with forensic accountants to determine the value of a marital estate.
To schedule a consultation, call Spivak Law Firm at (412) 344-4900 or toll free at (800) 545-9390.
Understanding Your Finances is Key in Divorce
Getting a handle on your financial situation is key when going through a divorce. Organizing your finances can be difficult if you were not the one responsible for them during your marriage. If possible, try to become more financially aware before you separate:
- Get more involved in your finances. Know the basics – pay the bills and file the statements. Learn how your daily and monthly expenses are managed.
- Determine where the money is coming from and how it is applied toward your budget.
- Take part in setting up investments such as retirement funds, and understand where and what the other assets are.
To speak with an Allegheny County family law attorney, call Spivak Law Firm at (412) 344-4900 or toll free at (800) 545-9390.
What Happens If You Don’t Pay Child Support?
Child support payments in Pennsylvania continue until a child turns 18 or graduates from high school, whichever occurs later. If you owe child support but do not pay it, there are several enforcement measures that may be taken against you, including:
- Your wages may be withheld
- Your federal and state income tax refunds may be taken
- Your bank or credit union may be ordered to turn over your financial assets
- Major credit bureaus may be alerted
- The following licenses may be suspended, denied, or not renewed:
- Driver’s license
- Commercial driver’s license
- Professional or occupational license
- Fishing license
- Hunting license
- Your passport may be denied or not renewed
- Your lottery winnings may be taken
- Your name may be published in the newspaper
- Your overdue support may become a lien against all real estate that you own in Pennsylvania
- You may be fined or imprisoned for up to two years
To speak with an Allegheny County family law attorney, call Spivak Law Firm at (412) 344-4900 or toll free at (800) 545-9390.