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Quality Family Law Representation

“BECAUSE IT MATTERS”

Quality Family Law Representation
“BECAUSE IT MATTERS”

Cryptocurrency may be a way to hide assets

On Behalf of | Nov 21, 2022 | Divorce |

Have you been worrying that your spouse is hiding assets? Maybe you thought they were doing it while you were still happily married, and you realized something was wrong. Maybe you filed for divorce, and now you’re worried that they’re going to hide assets to keep them from you.

Either way, it’s worth noting that people will use all sorts of tactics to try to keep money from their ex. This is unfair to you, of course, and it breaks the court order about giving full disclosure of all assets. But it still happens because money can be a very contentious thing to deal with in a divorce. One way that people will try to hide it is by investing in cryptocurrency.

Why do they use cryptocurrency?

One reason that people use cryptocurrency is that the market is largely unregulated and located overseas. It’s all based on the internet, so servers and accounts can be anywhere. This makes it easier to hide these accounts than have physical accounts that are close to home.

Another potential reason is that someone may assume their spouse has very little knowledge of cryptocurrency. It is still relatively new, and the majority of people have never invested in it. This can cause someone to overlook an asset that they just never knew existed in the first place.

Finally, it’s very easy to fund cryptocurrency accounts through electronic transfers. This makes it easier to hide assets this way than doing something like making withdrawals at an ATM or getting a safe deposit box.

What can you do?

As noted above, however, hiding assets like this is prohibited. If you think your spouse is doing it, you need to know about all of the legal steps to take.

 

 

 

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