Attorney Matthew R. Arnold answering the question: “What does a “No-Fault’ divorce mean in NC?”
A recent article noted that in the world of those eager to hide assets from their spouses, technology is proving to be a helpful ally. Experts say that cutting edge digital currencies are helping spouses hide money from their spouse, leaving little if any traces for investigators or family law courts to discover.
Bitcoin, the largest and most prominent of all digital currencies, is an especially useful tool for those spouses intent on depriving their significant other from their fair share of marital assets. Experts say that they fear in some cases, unscrupulous spouses will work slowly to convert pools of cash into Bitcoin, gradually moving paper assets online and leaving little evidence of the transfer.
To track down money that was changed from cash into Bitcoin would take some experience and technological know how. Though Bitcoin transactions are meant to be anonymous, there would have to be some crumbs left of any transfers. One thing to look for to detect possible cover-ups is transfers from bank accounts. If many transfers are made to online accounts you don’t recognize that could be one indication a spouse is hiding money.
Another thing to watch for is an unusual number of cash withdrawals. If large amounts of cash are routinely taken out and with little justification, it’s possible that a spouse could be stockpiling money to later transfer into Bitcoin or other forms of money that remain outside your reach.
The most difficult case would be if your spouse has a business and makes transfers from the business account, something you may never be able to detect. Especially troublesome are the growing number of businesses that accept Bitcoin as a form of payment. It would be very easy to not report the Bitcoin payments and instead keep them hidden, possibly depriving you of substantial value during a divorce.
Though the Bitcoin shell game may be complex, make no mistake that it is illegal. In North Carolina, every party to a divorce must fill out and sign a financial disclosure statement, listing assets and liabilities. This statement must be filled out to the best of your knowledge and any attempt to hide assets by not listing them represents a knowing fraud on the court.
If you find yourself facing a complicated family matter then you need the help of experienced family law attorneys in Charlotte, North Carolina who can help guide you through the often confusing process of divorce, please contact Arnold & Smith, PLLC today at (704) 370-2828 or find additional resources here.
About the Author
Mr. Arnold was raised in Charlotte, where he graduated from Providence Senior High School. He attended Belmont Abbey College, where he graduated cum laude, before attending law school at the University of North Carolina at Chapel Hill on a full academic scholarship.
In his free time, Mr. Arnold enjoys golfing and spending time with his wife and three children.
“Bitcoin: The New, High-Tech Way to Hide Assets in a Divorce,” by Robert Pagliarini, published at DailyFinance.com.
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