As the years go by, cryptocurrency is becoming one of the leading methods people use to hide assets during divorce. So, is your spouse using Bitcoin or any other digital asset to hide money from you?
Here is what you should know:
How can you tell if your spouse is hiding assets?
You and your spouse should have lists of all your marital property to guide you during property division. If your spouse’s list seems inaccurate, you should be alarmed. They may be hiding assets from you. A forensic accountant can help you investigate the matter. And one of the red flags they may find is cryptocurrency transactions.
You should also be concerned if your spouse refuses to answer questions regarding their finances or becomes angry when you ask such questions.
Why cryptocurrency?
Most crypto assets are decentralized, which means they are not controlled by the country’s central bank. Accordingly, these transactions can be considerably anonymous. And with new technologies and coins being introduced to the market, it’s becoming even more difficult to trace these transactions. That’s why most people going through divorce opt for cryptocurrency when hiding assets.
Can you discover such hidden assets?
With the qualities of cryptocurrency, it can be challenging to discover them, but it’s possible. A forensic accountant, especially one specializing in cryptocurrency, can find hidden crypto assets. They can uncover any information that may link your spouse’s transactions to cryptocurrency, including their internet history, bank and credit card account statements, past tax returns, social media activity and so forth.
The accountant will work closely with your attorney to get a court order that allows them to access such information.
If you believe your soon-to-be ex-spouse may be hiding assets, do not hesitate to seek legal guidance to protect yourself from an unfair property division.
