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Investing in cryptocurrency is the new way to hide assets in divorce

by | Jun 1, 2021 | Firm News |

Though it does not happen in most divorces, sometimes spouses try to hide marital assets from each other. This occurs most often when one spouse is the primary breadwinner and “money person” in charge of the retirement account and other investments, income taxes and other matters.

In Minnesota, each spouse in a divorcing couple is entitled to an “equitable” share of the marital property. In other words, both you and your ex are supposed to get a fair portion of the marital assets, which includes almost everything valuable the two of you acquired during the marriage. But when a wealthy couple splits up, the money person may try to keep their ex from finding out about certain assets so they can keep them for themselves.

Experienced divorce attorneys in Wright County and across the Twin Cities know how to investigate when their client suspects their ex of hiding assets. So dishonest spouses need new ways to try to camouflage the full extent of their wealth. According to CNBC, the latest scheme is to buy cryptocurrency.

Stashing marital funds in the crypto market

Cryptocurrency is a new market that many people do not fully understand. Some investments in relatively old cryptocurrencies, like Bitcoin, are relatively easy to track. But new ones are springing up all the time, including foreign-based cryptocurrencies and ones that emphasize anonymity for its investors. It can be challenging for a divorce attorney to uncover money invested in a cryptocurrency that is supposed to be part of the marital asset pile.

How to find hidden cryptocurrency assets

For suspicious spouses, hiring a forensic expert may be an option. The expert examines data on computers and other devices for signs that someone (i.e., your ex) has been secretly trading in cryptocurrencies. Hiring a forensic expert can be expensive, though, so it may only make sense if your ex is hiding a lot of money in crypto.