Yates Family Law PC
Speak with Michael A. Yates today.
going separate ways?
Changes Lead To Choices Your Expert Guide Through Changing Times
Yates Family Law PC
Speak with Michael A. Yates today.
going separate ways?
Changes Lead To ChoicesYour Expert Guide Through Changing Times
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How do people hide digital assets?

On Behalf of | Mar 3, 2023 | Divorce |

When going through divorce, you want to divide assets as evenly and equitably as possible. Of course, not every person will want to do this, though.

This is where asset hiding may happen, especially in today’s digital age.

Transferring assets to bitcoin

CNBC discusses digital assets and how people use them to hide. Digital assets like cryptocurrency allow a person to purchase things like bitcoin and use it as digital money.

However, some people use it as a way to store their money when going through divorce. By purchasing bitcoin, they can translate a tangible asset – money – into a digital one.

By doing this, it is much harder to find the asset, making it more difficult to ensure that an even asset division happens.

Similarities with other asset-hiding tactics

This is quite similar to another tactic of asset-hiding. With this tactic, the person would buy big-ticket items like expensive electronics or even vehicles with the intent of selling the item back or returning it after the divorce gets finalized.

Likewise, people use digital assets in the same way. After the finalization of the divorce, they take their money back by selling their bitcoin stock. In some cases, they may want to keep the stocks alive so they can continue generating money without ever considering sharing it.

Of course, this is illegal and you can take action if you believe that your spouse is attempting to hide assets. Consider contacting a forensic financial analyst to learn more about your potential options.