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Is your spouse hiding Bitcoin assets during your divorce?

by | Jan 10, 2019 | Complex Asset Division, Firm News |

Does your estranged spouse have a fascination with cryptocurrencies like Bitcoin? You might want to make sure that all of that currency is accounted for. Hiding property during divorce is unlawful, but countless spouses do it anyway. Now they’re turning to secret and anonymous cryptocurrencies for the purposes of hiding marital assets.

It’s a fairly straightforward process to uncover hidden stocks, investment accounts, bank accounts, 401(k)s and other assets. A house or vehicle that was purchased in secret can also be uncovered. However, Bitcoin could be a different story. Anyone can hold billions of dollars in Bitcoin completely anonymously. They can die with the secret that they are “cryptocurrency wealthy.” This doesn’t make hiding assets in the form of Bitcoin legal. It just makes it harder to recoup and discover these assets.

You and your spouse must disclose every piece of property and every asset that you own – both separately and as a part of the marital estate – even the family dog! When a court suspects or finds out that your spouse is hiding assets, it can be extremely persuasive in getting your ex to comply with fair asset division proceedings. It might even punish your spouse by giving you the right to receive a higher percentage of the marital estate.

If you’re worried about a stash of Bitcoin getting in the way of the fairness of your divorce, talk with your attorney about your concerns. This way, you can begin to develop a sound legal strategy to get a fair shake during the dissolution of your marriage.