A Brighter Future Is Within Your Reach

A Brighter Future Is Within Your Reach

Is your spouse hiding cryptocurrency?

On Behalf of | Sep 9, 2021 | Complex Property Division |

When you begin the divorce process, one of the many steps involves declaring the marital property you and your spouse share. This includes tangible objects like the family car or your home. It may also involve bank accounts or other trusts you or your spouse benefit from thanks to insurance or your career.

Another new asset is cryptocurrency. This is an encrypted, digital form of currency that poses unique issues to the divorce process, as it represents an asset that is easy to hide and difficult to track. As CNBC reports, this makes it a tempting form of value to hide during the divorce process.

Following the bread crumbs

Despite how new this digital asset is, cryptocurrency still has ties to the old ways of money that we know. If you notice holes in your shared bank account, that may indicate that your spouse is funneling that money to somewhere else. If they buy something extravagant, they may have money somewhere you do not know of.

That does not necessarily mean your spouse has a crypto account. But keeping an eye out for it may assist forensic accountants if you hire them to investigate that during the divorce proceedings.

Hiding cryptocurrency is still a crime

When you declare your assets to the courts, any deviation may fall under perjury and that offense carries severe penalties. No matter how much money you or your spouse has in a crypto wallet, it may avoid expensive, lengthy investigations and formal charges.

Cryptocurrency is a new and complex subject for divorce. If you suspect your spouse of hiding crypto accounts, your next best step is to research more into this form of currency and lean on any resources that may help you uncover this sort of marital fraud.