Going through divorce is difficult for everyone. Many couples will find the division of assets to serve as the toughest part of the split, too.
In these days, it is important to keep an eye out for potential issues with hidden assets. This includes the possibility of a spouse hiding assets via cryptocurrency.
Illegal activity with digital wallets
CNBC discusses the use of cryptocurrency in divorces. This digital currency exists in digital spaces only, which makes it the perfect place to hide money.
Until recently, not many people knew about crypto in the mainstream. On top of that, it was not regulated by the government, and government bodies did not seem to keep a close eye on it either.
Because of that, illegal activity flourished in these spaces. Some people used it for money laundering, while other, average people used it to hide assets during divorce.
How this trick works
Essentially, a person trying to hide assets would store their money in the form of bitcoin or other digital currencies. Then, after the finalization of the divorce, they would simply cash out on the bitcoin they invested in and get that money back.
People trying this trick would often get away with it because so few people even knew to look into digital wallets. However, more and more people in the current day are savvy about such things, making it harder than ever to hide assets in digital wallets.
Those who suspect their spouses may be trying such a tactic should pursue their suspicions. After all, hiding assets is still illegal, no matter what method a person uses to do it.