What is cryptocurrency? According to Investopedia, cryptocurrency such as Bitcoin is digital money that relies on cryptography for security.
The complex nature of this currency makes it difficult for most people to understand without doing a great deal of research. This currency is largely anonymous, making it difficult for the average person to trace. As you might expect, this could work against a spouse involved in a high asset divorce.
Unfortunately, attempting to hide property or currency is not unusual during these divorces. However, all courts, including those in Texas, look harshly on such activities. As mentioned above, these currencies are popular because they are difficult to trace, but tracking them is not an impossible task.
Users who purchase or trade in Bitcoin and other digital currencies do not use their names. Instead, they are assigned a string of numbers for identification. Through the use of forensics, it is possible to connect unidentified users with their actual identities. This means a qualified forensic analyst can uncover attempts to hide funds in a high asset divorce.
Further, you do not have to search for and hire a forensic analyst on your own. If your attorney has experience handling high asset divorces, it is likely that he or she has already built a relationship with professionals that perform this type of investigative work. Together, you and your lawyer can reveal your spouse’s unethical and wrongful attempts to hide assets to the court.
In the end, it is less about punishing an unethical spouse than it is about ensuring you get the property settlement you deserve. Taking full advantage of the resources available to you is a great way to accomplish your goals.
Source: The Huffington Post, “Hiding Assets with Bitcoin in Divorce,” David Centeno, accessed May 08, 2018