When going through a divorce, most spouses will worry about the division of their assets. This is often one of the longest parts of the split. It is complex and full of emotion in many cases.
In some cases, a spouse may feel inclined to try hiding assets so they do not have to give away as much. However, this is illegal and a person who tries may end up facing serious consequences.
Forms of digital assets
CNBC discusses the role of cryptocurrency in hidden assets. Many people who want to hide assets have to worry about the possibility of getting caught because, as mentioned, this is an illegal act. It can have serious repercussions, including the loss of even more assets than the initial amount, or even time in jail.
To avoid this, most people who try to hide assets will opt for a method that leaves as minimal of a paper or digital trail as possible. This is where cryptocurrency and other forms of digital assets come in.
The hidden depths of bitcoin
Until recently, not even the IRS paid much attention to digital currency such as bitcoin. This allowed criminal activity a place to flourish, especially money laundering and related crimes. However, it also became a hotbed for spouses who wanted to hide their assets without detection.
Many people did not even know about cryptocurrency until recent years. Divorce attorneys did not know to look into this until recently, too. To that end, many spouses felt that digital wallets were a good place to hide things without notice. These days, however, it is getting much harder.