When a couple chooses to get a divorce, they will find themselves searching
their homes and computers for complete documentation of their property
and assets. The court requires that you disclose all of this information
in order to determine a fair divorce settlement for both of the parties
in the divorce. However some people will still try to hide assets from
a spouse in order to keep more for themselves.
Why Bitcoins Are Hard to Track
The recent use of Bitcoins has given spouses a new way to hide assets and
money in divorce cases. Bitcoins are a form of currency developed in 2009
that exist completely online. Bitcoins are not a physical currency form
like a coin or a bill, but rather a virtual way to pay for goods. This
currency can be traded between countries since they are not attached to
any governance or bank, and Bitcoin rates are the same no matter what
country they are traded in or between.
Since Bitcoins are such a new concept, there are few laws that can determine
how Bitcoins can be discovered or divided in the event of a divorce. If
you are worried that a spouse may be hiding money in the form of Bitcoins,
address these concerns with a divorce court.
One of the best ways to determine if money was hidden is the initial and
unexplained loss of money. While Bitcoins are virtual currency, it requires
liquid money in order to obtain Bitcoins. However, tracking down the Bitcoins
after this can be tricky.
If a person is caught hiding assets, Bitcoins or otherwise, in a divorce,
they can face criminal charges, additional penalties and take a hit in
the divorce settlement. It is best to disclose all financial assets, including
Bitcoins, rather than face severe financial and legal consequence for
trying to hide property in a divorce.