When going through a divorce, you want to ensure that your spouse does not try to cheat you out of your proper share of assets.
This means keeping an eye on every possible place that he or she could hide assets, including their digital wallet.
The underside of crypto
CNBC discusses the use of cryptocurrencies in divorce. For years, people have used cryptocurrency as a way to cover their financial tracks. This is due to the fact that until recent times, most people in the mainstream did not even know about digital currencies. It was only last year that the IRS began taxing it.
To that end, people used crypto to hide everything from laundering money to attempting to keep a spouse from getting their fair share in asset division. In the past, this often worked like a charm with no one ever knowing about the digital wallet, much less the amount of money inside.
Spreading knowledge of digital currencies
However, more people keep a pulse on digital currencies these days than ever before. Financial forensic analysts and divorce attorneys alike know to keep an eye out for digital wallets and what may hide inside. This is often one of the first places that they will check if you suspect your spouse to be hiding assets.
Of course, hiding assets digitally also still counts as a crime. No matter the method, someone caught hiding assets will face the appropriate punishment. This can include jail time, but will most often focus on getting you your fair share of the assets that your spouse did not initially report.