Finding Hidden Assets in the Age of Digital Currencies

 Posted on April 19, 2022 in Divorce

The cryptocurrency finance market has grown quickly in the last few years. What was once a niche investment that many assumed would be a waste of money has now become mainstream. As more and more people invest in cryptocurrency and NFTs, these assets are increasingly used as vehicles for hiding money in a divorce. Divorcing individuals deserve a fair share of the marital estate – including a fair share of any digital currencies. If you are getting divorced and you believe your spouse is hiding assets using crypto or NFTs, contact an experienced divorce lawyer for help.

Cryptocurrency May Be Used to Shield Assets from Division During Divorce

When spouses divorce, they can either negotiate an agreement about how to divide assets and debts or allow the court to decide for them. When the court divides assets, each spouse receives an equitable, or fair, share of property based on the spouses’ current financial circumstances, future earning capacity, and other factors.

However, some spouses try to manipulate asset division in their favor by failing to disclose all of their property. Cryptocurrency is not held in a bank like traditional currency. Its elusive nature makes it an increasingly popular vehicle for hiding assets during a divorce.

How to Find Hidden Cryptocurrency in Your Divorce

Crypto is hard to find, but not impossible. If you suspect that your spouse is hiding assets in your divorce, a skilled lawyer can help you find those assets and ensure that you receive your fair share of the marital estate. Your attorney may work with a forensic accountant or other financial experts to uncover hidden crypto and other property.

There may be clues that point to undisclosed digital currency such as:

• Multiple or sizeable cash withdrawals from bank accounts

• Secretive behavior surrounding financial accounts such as changing online bank passwords

• Digital wallet apps on a cell phone or computer

• Large online purchases

• Internet searches related to digital currency

Contact a Wheaton Divorce Lawyer

If you are getting divorced, Illinois law gives you the right to a fair share of marital property. Any assets that were acquired by either spouse during the marriage are usually considered marital property with some exceptions.

The skilled DuPage County divorce attorneys at Davi Law Group are familiar with the tactics spouses use to hide assets during divorce. We can help you find hidden cryptocurrency and other assets so you receive what is rightfully yours. Call our office today at 630-657-5052 for a free consultation.

Source:

https://www.cnbc.com/2021/06/01/divorcing-spouses-are-using-cryptocurrency-to-hide-money-how-experts-find-it.html