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How Bitcoin Affects Divorce Settlements

The divorce process is challenging enough for couples who are splitting up without the added difficulty of dividing sophisticated assets like cryptocurrency. Bitcoin has been breaking headlines in the news since the end of 2017 when each “coin” rose above the $20,000 mark for the first time. It has since dropped considerably in value, but the digital currency is still currently worth several thousands of dollars. The rapid expansion of Bitcoin’s value and popularity has proven how volatile the cryptocurrency market really is, and it has made the process of dividing assets during the divorce proceedings more complicated.

New Securities

The central premise of Bitcoin and other cryptocurrencies is all about privacy. Bitcoin was one of the first cryptocurrencies to be implemented in 2009, and the courts are struggling to determine the best way to react to its impact. Although the SEC has recently announced plans to force online conversion platforms to register as security exchanges, more time is needed before the legal system can decide the best way to address the effects of this new technology. New Jersey is not a community property state, which means that marital property is divided by the judge in a manner that is considered to be fair, but not necessarily equal. Bitcoin investments may be considered marital property if the digital currency was purchased during the lifetime of the marriage. Currently, there is no existing case law to guide the court’s rulings in regards to cryptocurrencies, and new solutions will need to be applied to ensure justice for all.

Cryptographic Aspects of the Currency

The sad truth is that people often attempt to conceal their assets during a divorce. It’s no secret that people have illegally created fake accounts to hide money, transferred assets to family or friends, and even used safety deposit boxes to escape their financial obligations. These methods are well-known in the court system, and they usually backfire. However, Bitcoin represents a new challenge. The traditional method for ensuring that assets are divided fairly after a divorce ruling is to issue an injunction. An injunction compels the paying spouse to forfeit the property in question or pay the consequences. Although the courts can still require the spouse to reappear in court, defend their actions, and be held in contempt of court, there are other aspects of Bitcoin that legal professionals are concerned about. For instance, there is no central administrator to enforce the court’s injunction.

How Bitcoin Works

Bitcoin, along with other cryptocurrencies, operates in a system that is decentralized. Instead of transferring digital value through a trusted third-party, the wealth is exchanged directly between users. Transactions are not regulated by a state or federal government, and the information that is recorded does not contain personal identifiers. Without a centralized authority, users are largely anonymous (although not completely). Users are assigned a unique series of characters that are associated with their account, and every transaction is documented within the blockchain. It may not be as easy as following a traditional paper trail, but specialized forensic experts can uncover the truth and expose hidden assets.

Locating Bitcoins

Once Bitcoins and other cryptocurrencies have been downloaded onto a computer, they can be stored offline on an encrypted USB, also known as a cryptocurrency wallet. This digital wallet can then be stored in a secret location, making it very difficult to trace. However, if there is a considerable amount of money invested in cryptocurrencies, then it is likely that both parties know the wallet exists. Drawing attention to the fact that your spouse is withholding assets that should be on the playing table will not look good for them.

Penalties

The penalty for submitting false information to the court is severe, but some individuals still attempt to underreport or hide assets. Misrepresenting assets like as jewelry, cash, or Bitcoins may provoke a sharp response from the judge. The delinquent party may be given a smaller portion of the marital assets and face criminal charges, such as perjury. Another severe consequence for lying under oath is a loss of credibility, which can be haunting. With a lack of credibility, the judge may find it difficult to believe that child support or alimony payments are too high for a discredited spouse to afford. The judge may also find certain evidence questionable during child custody hearings, and they may be hesitant to trust anything you say after you have been caught trying to conceal assets. That is why it is crucial for both parties to work closely with their legal counsel and examine all the assets that are involved in the divorce settlement. It is not worth trying to hide or lie about Bitcoin or any other asset during the divorce.

Obtain Informed Legal Insight

Bitcoins are treated like any other asset during the divorce process, and that’s why you need someone on your side who can grasp the reality of virtual investments. The lack of familiarity with Bitcoin may intimidate some legal professionals, but we understand that cryptocurrency is just another phenomenon that the legal profession needs to adapt to. Not only do we represent clients who are dealing with cryptocurrency assets during a divorce, we also accept several cryptocurrencies as forms of payment. You do not want to trust a law firm that has little or no experience with handling these complex assets. You need to hire an attorney who has experience with cryptocurrency and who understands how to represent your best interest. Contact the Law Office of Andrew A. Bestafka, Esq. today by calling (732) 898-2378 or visiting our website.



Tarek El Moussa and wife headed for divorce

Flip or Flop star Tarek El Moussa is reportedly seeking a divorce from his wife, Christina El Moussa.

In their exclusive interview with PEOPLE last December, the couple revealed that they were ending their seven-year marriage after a heated fight in May 2016. Although the altercation did not involve physical violence, the Orange County police responded to the scene. A friend told the police that Mr. El Moussa grabbed a handgun during the fight. There were no charges filed.

Mr. El Moussa filed for a divorce in January, citing irreconcilable differences. He requested spousal support and joint custody of their children, one year-old son Brayden and a six year-old daughter Taylor.

If you or someone you know is having difficulty filing for a divorce, our lawyers can help. We at Law Office of Andrew A. Bestafka, Esq. are well-versed and skilled in divorce litigation and can properly represent you in court. Get in touch with us at (732) 898-2378 for more information.



Billionaire Bill Ackman and his wife headed for divorce

Bill Ackman, a billionaire activist investor known for his big bets on Herbalife, and his landscape architect wife, Karen Ann Herskovitz, are headed down the path of divorce, Page Six says.

According to the report, the couple had been together for more than 20 years after they got married in 1994 at the St. Regis. Although it is yet to be determined if the two have filed a petition for the dissolution of their marriage, it was confirmed that they hired lawyers to help them come up with the best settlement that would minimize the impact on their three daughters.

The couple’s reported divorce could reach into the hundreds of million of dollars. They are negotiating numerous properties such as their $90 million One57 penthouse, $35 million Beresford apartment, $22 million Bridgehampton waterfront estate, and another $23.5 million mansion.

If you or someone you know is considering filing for a divorce, we can help you. Our divorce attorneys at Law Office of Andrew A. Bestafka, Esq. specialize in family law and can provide you a reliable representation in court. Get in touch with our staff at (732) 898-2378 to learn more about your options.



Divorce in China Increasing from Previous Decades

In China, marital strife seems to be on the rise as the annual divorce rate has doubled from last decade to 3.8 million couples. According to researchers at Peking University, 20% of men and women are unfaithful in their marriages—a number that has elevated in the last 30 years. Some economists attribute the change to an increased willingness from wealthy businessmen to put their own desires above familial obligation, a value that has decreased in significance since improved living standards have given way to financial freedom.

It is not uncommon for rich Chinese husbands— some that hold positions as prestigious as government officials and ministers—to keep a “second wife,” or a mistress that is financially provided for by their lover. Some portions of apartment complexes are even discretely reserved for these mistresses, whom are often provided a living allowance in exchange for sex and companionship.

Migration and social media has also allowed increased opportunities for couples to meet members of the opposite sex after marriage. Some couples do not even live in the same household, making it easier to engage in affairs. Surveys indicate that infidelity is the number one cause of marriages ending, making it no surprise that divorce rates have rocketed.

At Law Office of Andrew A. Bestafka, Esq., our Monmouth County divorce attorneys are well-versed in navigating the complex landscape of divorce, adoption, child support, and other cases of family law. If you are in need of legal services pertaining to these matters, don’t hesitate to contact our offices at (732) 898-2378 for more information.



Khloe Kardashian and Lamar Odom officially divorced

Three years after TV reality star Khloe Kardashian first filed for divorce, a Los Angeles judge has approved the dissolution of her marriage with former NBA player Lamar Odom.

Although the decision was released last Friday, the court document states the couple’s marriage will be legally dissolved December 17, along with their joint company, Khlomar. Both Kardashian and Odom waived spousal support as part of their agreement.

Kardashian initially filed for divorce last December 2013, but she called it off when Odom was found unconscious in a Las Vegas brothel due to a drug and drinking binge. After the couple’s reconciliation, she filed another petition seeking to end their marriage. She cited “irreconcilable differences.” The two did not have any children but were married for more than four years.

If you or someone you know is going through a stressful divorce, get in touch with a reliable lawyer from the Law Office of Andrew A. Bestafka, Esq.. We have the skills and knowledge to properly represent you in court and protect your rights throughout the legal process. Contact us at (732) 898-2378 to learn more about our practice.



Differences in Divorce Between Seniors

Many people have heard the statistic that in the United States, one in every two married couples will eventually get divorced. Contrary to the popular belief that millennials have the highest divorce rates, the root of the increase in divorce rates comes from the baby boomer generation as they reach retiring age.

“Silver divorces”—or divorces between individuals from around the retirement age—have a unique set of advantages and challenges that differ from divorces between younger couples. While child custody and support are likely not a concern for silver divorces, as children are usually grown and financially independent by this time, there are still financial and emotional concerns caused by asset division between splitting senior couples.

By the time couples reach retirement age, they have generally acquired a substantial amount of wealth and assets; often the most prominent of these is the home that they share. During a divorce, state law usually attempts to divvy assets in a way that is fair, equitable, and a close to an even split between two former spouses. However, this becomes slightly complicated during the division of a 401(k) or IRA for senior couples. This is because while each individual retiree’s income will likely stay the same after a divorce, each spouse will see higher retirement costs. Couples in the midst of a silver divorce are generally retired, or about to retire, and therefore have limited means of obtaining income. Researchers say in cases where dividing a home and 401(k) is not the best solution, a good way to combat this is entering into a reverse mortgage. In a reverse mortgage—reserved for those aged 62 and older—one spouse could receive the home and start a system where they pay income as long as they live in the home, while the other spouse can take the 401(k) account or IRA. Reverse mortgages do not require monthly payments and payments are only due when the last homeowner leaves the house.

The intricacies of divorce law can be a complex landscape. At Law Office of Andrew A. Bestafka, Esq., the adept divorce attorney can help guide you through this process and seek the best possible outcome for your impending divorce. Contact us at (732) 898-2378 to learn more.



Default Divorce: Another Option in New Jersey

In the state of New Jersey, it may not be required that a person seeking a divorce get the approval or even a response from their spouse. The resulting divorce proceedings are called a “divorce by default.”

For the divorce by default to continue, the plaintiff, otherwise understood as the person who filed for divorce, is required to give the correct papers to the defendant, their spouse. If there is no response within a 35-day period, then the plaintiff will have 60 days to submit a request to the court for a default judgment.

2 types of Default Divorce:

Default Divorce by Agreement: A default divorce is often a good option for people who have settled their differences and consulted separate lawyers already to avoid paying both the filing and answering paperwork fees.

Default Divorce without a Court Hearing: There are several places in New Jersey that do not require a court appearance as long as both spouses have made it clear that all required questions have been answered and a settlement has been reached.

If you’re seeking a divorce, it is often the best idea to contact an attorney to discuss your options and desires moving forward. Contact one of our divorce attorneys with Law Office of Andrew A. Bestafka, Esq. by calling (732) 898-2378 and we can potentially help you in your case.



Divorce impact on financial aid explained by CBRG co-chairs

With divorce affecting nearly half of all married couples by 2016, old unions that share nearly adult children will need to discuss how their divorce will affect their child’s financial aid.

The co-founders of College Benefit Research Group (CBRG), Steven Sirot and David Slater, assert that “assets that are agreed to be used to pay for college should be segregated into custodial accounts for each child separately.”

Sirot and Slater further discuss the effect of divorce on financial aid through the possibility of remarriage: “If the custodial parent gets remarried, the new spouse’s financial information is then considered, which could have devastating effects on the family’s financial aid eligibility.”

It would be a good idea to begin discussing the financial future of you children as early as when child support begins. Contact an attorney with Law Office of Andrew A. Bestafka, Esq. at (732) 898-2378 to discuss legal assistance in creating child support terms or obtaining child support.



Chris Rock now single after 20 years of marriage

Chris Rock is now single after filing for divorce at a New Jersey courthouse.

After 20 years of marriage, Chris and estranged wife Malaak both made a court appearance on Monday, August 22 before a judge and finalized their divorce. The couple married in 1996 and have 2 children, ages 12 and 14. It is also reported that there’s a third child — Ntombi, an 8-year-old from South Africa who was less than a year old when she began living with the Rock family. Chris has remained in constant contact with his 2 kids since the couple parted ways in 2014. Although the terms of the settlement is not publicly known, the case does appear to be closed.

There is no doubt that divorce is one of the most challenging things that can result from a marriage. At the Law Office of Andrew A. Bestafka, Esq., we are prepared to help make your divorce quick and painless. Contact us at (732) 898-2378 to discuss your situation and learn more about our family law practice.



Two Homes, One Childhood: Exploring Co-parenting with an Ex

In the recently-released Two Homes, One Childhood: A Parenting Plan to Last a Lifetime, psychologist Dr. Robert Emery discusses the intricacies of raising children in separated households. Dr. Emery has over 35 years of experience in studying child psychology and how it is affected by divorce.

In Two Homes, One Childhood, Emery discusses the immense emotional toll a divorce can take on parents and how to avoid the same emotional toll it can take on children. He discusses concepts key to maintaining a healthy environment for kids, such as being open to sharing time and clear communication between parents. Emery also encourages parents to develop parenting plans that they can continually work on and alter to accommodate growing kids.

Emery is nationally recognized for his research as well as his other book on parenting, The Truth about Children and Divorce, published in 2004.

While divorces can take a toll on children, they certainly do not have to. The lawyers at Law Office of Andrew A. Bestafka, Esq., have long dedicated themselves to arranging child custody agreements most beneficial to the children. Contact our Monmouth County office at (732) 898-2378 to discuss your case with our child custody lawyers.