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In a high asset divorce, a spouse may hide money with Bitcoin

Once a marriage begins to deteriorate, issues of trust often emerge. In fact, trust may be the problem which erodes the marriage in the first place. Texas couples may find that their hopes for an amicable parting dissolve when the time comes to divide the marital property. In a high asset divorce, one spouse may suspect that the other partner is not being entirely honest about the wealth they share.

It is not unusual for a spouse to be reluctant to share substantial assets with someone he or she is divorcing. Nevertheless, attempting to hide assets or deceive the court may result in negative consequences. While some may stash money in a safe deposit box or hide valuables with a friend or family member, more recently, divorcing spouses are taking advantage of technology to keep their wealth hidden from their partner.

Bitcoin is one way a spouse may attempt to prevent a partner from claiming his or her share of marital assets. Users can buy Bitcoins or trade for them. Some even ask their employers to pay them through Bitcoin. The electronic currency is held in anonymous accounts; however, forensic analysts are usually able to trace the account numbers back to the users. If the user is someone who is hiding cash without permission from his or her spouse, the court may penalize the user.

The most common penalty is the reduction of that spouse’s share of the asset distribution. Someone who suspects that marital property is being dissipated or hidden prior to a divorce may benefit from legal advice. A Texas divorce attorney will have resources available, such as forensic investigators, to help people get their correct share in a high asset divorce.

Source: The Huffington Post, “Hiding Assets with Bitcoin in Divorce“, David Centeno, Feb. 23, 2017

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