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What’s cryptocurrency got to do with divorce?

On Behalf of | Feb 18, 2024 | Property Division

Financial dishonesty between spouses is nothing new. However, the ways that this aim can be accomplished have become more complex in recent years. Things can come to a head when a couple decides to divorce, and they must divide the property they own.

In the event of a litigated dispute, divorce courts require that spouses present a complete list of their assets so that a judge can determine an appropriate split according to the state’s divorce laws. Yet, some spouses fail to mention certain assets, hoping that they can keep them all for themselves unnoticed.

Cryptocurrency can be a highly effective way of hiding assets

Cryptocurrency was designed to be hard to trace and, even when successfully traced, hard to access. While that’s great for those who want to move money around without the restrictions the traditional banking systems and governments place on doing so, it’s not such good news for someone who is looking to get their fair share of assets in a divorce.

You may be sure that your spouse has more assets than they are admitting. Or, you may be certain that your joint bank account balance should be much higher than it currently is. If so, consider whether your spouse may have been investing in cryptocurrency. If they’ve taken cash and put it into virtual currency, they could have made a whole series of virtual transactions since, leaving you clueless about where their funds are and what they are now worth.

Thankfully, by seeking legal guidance to uncover evidence of deceit, you may be able to convince a court to award you a greater share of assets during your divorce, even if you never manage to get hold of the cryptocurrency itself.