Spouses could be hiding marital assets online

When a New York couple is preparing to divorce, one of the most important tasks that must be accomplished involves gathering information on the family’s financial standing. This includes gaining access to documents regarding income, assets and debt. For some, questions will arise during this process when certain holdings seem to be depleted. In such cases, it may be possible that a spouse has taken steps to attempt to shield marital assets from the property division portion of the divorce.

One way that spouses can achieve this goal is through the use of services such as Bitcoin. This company offers clients the ability to convert their money into a form of digital currency. The funds are then stored online in a Bitcoin account. Many readers may recall that Bitcoin was the currency service of choice for many Silk Road customers. Silk Road, which has since been shut down, was an online marketplace for the sale of drugs, illegal weapons and other illegal goods and services.

For those who are preparing to divorce, Bitcoin offers a high degree of anonymity and a difficult road to follow when trying to link a client and hi or her online account. For those spouses who are not above taking unscrupulous action to attain a monetary gain, Bitcoin offers a way to hide assets. While it is possible to discover this type of digital currency conversion, it is not easy to do so.

For New York spouses who are concerned that their partner may have converted marital wealth into a form of online currency, there are several ways to find answers. One simple suggestion is to ask, by means of including online currency within the list of assets that are required to be disclosed. This step may be enough to persuade a spouse to come clean about these funds. In other cases, however, it may be necessary to hire a forensic computer specialist to determine whether marital assets may have been converted into a digital format.

Source: CNBC, “Bitcoin could be used to hide assets in divorces, warn lawyers“, Jane Croft, June 3, 2014