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Property division: Will divorcees hide in cryptocurrency?

Posted on in Property Division

Cryptocurrency is grabbing headlines all across the world as people grapple with trying to understand the new form of currency. Some individuals have pointed out that cryptocurrency is difficult to track and trace, making it a potential stash spot for people trying to hide money from their soon-to-be ex-spouses during the property division portion of a divorce. In Illinois, people who suspect that their ex is trying to hide cash may have to look even more closely to ensure they are getting a fair shake.

The new currency comes with a perceived privacy and anonymity that makes it attractive for any person trying to hide the true value of property. Although the records of cryptocurrency are trickier to find, it is not impossible. Individuals going through a divorce must reveal all financial information, and if they try to hide in digital funds, they may find themselves in hot water.

Individuals have historically used several methods to try and hide funds during the divorce process. These methods can include buying excessive gift cards, overpaying taxes and lawyers or buying items only to return them later. The new trend only builds upon a longstanding history of asset concealment.

Individuals in Illinois who may be facing the property division portion of their divorce will want to look closely at financial records to determine whether an ex-spouse is attempting a nefarious cover-up of marital funds. Help is available for person undergoing this process. Many individuals choose to hire an experienced family law attorney for help in getting a clear picture of the family finances.

Source: bna.com, "Bitcoin the New Mattress Full of Cash for Divorce Cheats", David McAfee, Dec. 28, 2017

Tagged in: property division
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