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Spouses can use Bitcoin to hide assets from property division

There are many different ways that Florida spouses can take steps to hide assets, some of which are simple while others are quite complex. For those who stay abreast of technological advancements, there are even more ways to deceive both the court and one’s spouse. Bitcoin is one of the fastest growing options for spouses who are seeking a way to shield their wealth from the property division process, and it is important for all spouses to be aware of the methods by which these actions occur.

Bitcoin is best described as an online currency, similar to a bank but far more suited for anonymous transactions. Consumers can open a Bitcoin account and deposit funds. From that point forward, it is very difficult for an individual or the government to determine who owns a Bitcoin account. Users access their funds by way of a key code, but the identity of account holders is shielded.

For spouses who fear that their partner may be hiding money during a divorce, it is important to take an aggressive stance in the matter. A forensic accountant can work to determine if there are suspicious patterns in the family’s finances. If a discrepancy is found, the accountant can work to try and track down where the funds went and how to recover those assets.

It should be noted that if a spouse makes false statements during a Florida divorce, the outcome could be dire. There have been cases where judges have punished spouses who tried to hide assets by awarding a greater share of those assets to the other party. Making false statements concerning property division is also considered perjury, and is punishable under state law.

Source: cointelegraph.com, “With Bitcoin, Hiding Assets in Divorce Is Risky, But It Pays“, Charlie McCombie, May 11, 2016