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We live in a digital age in which practically everything can be done online, including exchanging money via cryptocurrency. Cryptocurrency has been in the news recently, but many people do not understand what that is. Cryptocurrency is changing the way that people around the world invest, store, and exchange money. It is also a way spouses might be hiding assets during a divorce. Additional information about asset division during divorce can be found here.
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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.