When going through the divorce process, you will have to go through asset division, as well. For many people, this is the most anxiety-inducing part of the divorce process.
It is also the part of divorce when a person is most likely to attempt to hide assets. What exactly is this, and what does it mean for you?
How asset hiding works with bitcoin
CNBC discusses the use of cryptocurrency in divorce situations. Cryptocurrency like bitcoin is a new type of digital currency that has gained popularity in recent years. Someone who wants to hide assets in divorce might turn toward these digital currencies in order to tuck some of their finances out of sight.
They do so by purchasing stocks of digital currency with the intent of re-selling the stocks or continuing to grow their finances after the finalization of the divorce. This way, they do not have to share any of the money they make on these stocks with you.
Traditional forms of asset-hiding
It mimics a more traditional form of asset hiding, where the individual hiding assets would transfer their money into an expensive item like a vehicle. They then sold the vehicle after the divorce finalized, thus getting the majority of their money back without ever having to split it.
Of course, hiding assets is not legal and a person can get into big trouble if they attempt to do it. If you suspect your spouse of hiding assets, you can contact a forensic financial analyst to see what your options may be in pursuing compensation.