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Is your spouse hiding money in cryptocurrency?

On Behalf of | Aug 13, 2022 | Family Law

People try to hide money in a lot of different ways when going through a divorce. Some of them just give money to friends. Others funnel it into a small business that they own. Still others will set money aside in hidden accounts or safe deposit boxes.

There are often ways to find this money. If money was withdrawn and given to a friend, there should be a transaction record, for instance. When people try to hide assets during a divorce, discovering those assets may be a substantial part of the process.

Unfortunately, some individuals are now turning to cryptocurrency as a vehicle to hide their assets. They believe that this gives them some advantages, and your spouse may do it to try to keep assets from you.

Why cryptocurrency works so well

One reason that cryptocurrency works so well in this type of situation is simply that a person’s spouse may not know anything about that type of investing. It’s a fringe interest. They may not know that the accounts exist. Investing can be done quietly so that you might not even realize assets are being hidden at all.

Another reason that it works is that cryptocurrency is an unregulated market in the United States. This can make it a bit harder to track or access funds that have been converted into cryptocurrency. There are also scores of “coins” to choose from.

Your spouse is certainly not allowed to hide assets from you during a divorce, but people do try it every day. Be sure you know what steps to take if you find yourself in this position.