Spouses Hiding Cryptocurrency During Divorce Proceedings

When it comes to divorce, Florida is an equitable distribution state. This means that assets are not automatically divided 50/50. They could be distributed in some other percentage.

Still, many people try to hide assets during a divorce. They think their sneakiness can help them avoid splitting a bunch of cash or parting with a valuable collection. But they almost always get caught.

Now, many people are trying to hide cryptocurrency. Bitcoin and other forms of this currency are becoming more popular and they’re increasingly difficult to locate. Unlike checks and credit card statements, they’re hard to track, which can make a divorce very complicated.

Cryptocurrency values have grown tremendously so far this year, and it is estimated that 20 million Americans now own some form of it. With the value rising, more and more people who are considering divorce are looking for ways to hide it from their unsuspecting spouse who may not even know they own cryptocurrency. While people may have hidden cryptocurrency for decades, it’s becoming more of an issue now that people are becoming more and more aware of it. Here’s how attorneys are tracking it down during a divorce.

Look for Suspicious Activity

People may be suspicious of their spouse’s sudden lifestyle changes. They may wonder why their spouse has a lot of extra money or how they are able to buy a new car or other lavish purchase.

File Court Orders

If there is evidence of possible hidden cryptocurrency, an attorney can file a subpoena to access their spouse’s electronic devices. A lawyer can also hire forensic experts to scour a computer’s internet history and electronically stored information to find login credentials and currency ticker symbols. They can also check emails, bank statements, and tax returns for information about cryptocurrency trading and deposits.

A lawyer can also subpoena exchange companies to get information about a person’s cryptocurrency trading. While this works well for exchanges based in the United States, it’s a lot more difficult to get information from foreign exchanges.

Keep Costs in Mind

While a person may want to uncover their spouse’s cryptocurrency assets, keep in mind that all this tracking costs a lot of money because of all the time and expertise involved. This means that you should be looking for a lot of money. If all you find is $5,000 in cryptocurrency, it wasn’t worth it.

Try to do a lot of the investigation yourself. Start tallying your assets and you may find gaps or things that don’t make sense. Look closely at joint accounts. Is there money missing? If so, it might be in a cryptocurrency account, but missing money could also signal a gambling problem, substance abuse issues, or affair.

Contact a Maryland Family Law Attorney Today

In a divorce, hiding assets is illegal. Many think they can effectively hide money and other valuables, but there’s always a way to uncover them.

Do you think your spouse is hiding money from you? If so, seek legal help from the Columbia divorce lawyers at The Law Offices of Todd K. Mohink, P.A. Schedule a consultation by calling (410) 774-5987 or filling out the online form. We have two offices to serve you.

Resource:

cnbc.com/2021/06/01/divorcing-spouses-are-using-cryptocurrency-to-hide-money-how-experts-find-it.html