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Is your spouse using digital means to hide assets?

| Sep 22, 2021 | Property Division |

Hiding assets before a divorce used to mean physically taking cash and setting it aside. A spouse who did not want to split up their assets fairly may put aside small amounts for years so that they had their “own” money that their spouse knew nothing about. They also used tactics like giving cash to family members. 

These days, many people rarely even see cash. They don’t use it. Everything is digital. Does that make it easier to hide assets?

Cryptocurrency and secret accounts 

In some ways, digital options may lead to more hidden assets. For instance, reports have found that some spouses transfer money into cryptocurrency accounts. These are often held overseas and really only exist online, using a fully digital currency. You can’t have a physical version. If the other spouse does not know about crypto in general or their spouse’s investments, they may fail to report these accounts’ existence. 

The good news is that most digital transfers are trackable. For instance, the money has to come out of a bank account, and there should be a digital record of that transaction. Even someone who doesn’t know where the money went or how much it is now worth can at least find a record of it being moved to another account, and that’s an important first step. 

However, a divorce involving these types of issues can get to be very complex. Just identifying the assets really is merely the first step, and there are many more to be taken. If you’re in this position, be sure you know as much as possible about your options.