Differences of opinion on their finances sometimes continue to affect couples as they divorce. Not seeing eye to eye, some spouses may attempt to conceal assets from their partners in order to keep them to themselves in the property division process. To do this, some buy cryptocurrency.
According to CNBC.com, in April of 2021, the value of the digital currency market reached $2 trillion. With over 20 million potential cryptocurrency owners in the U.S., it may benefit those getting divorced to know where to look for possible hidden digital assets.
Review shared finances
Financial records and accounts sometimes offer clues a spouse has undisclosed cryptocurrency accounts. Unless they discussed the investment, people do not always know that their partners obtained digital assets. Financial documents may reveal missing funds, possibly used to invest in cryptocurrencies. Additionally, people often list such assets on loans or other such applications to help improve their approval chances.
Watch for lifestyle changes
Even if attempting to conceal cryptocurrencies from their spouses, people will occasionally give signs they have substantial assets through their behavior. For instance, they may make extravagant purchases or have substantial sums of sudden and unexpected money. Such signals may give cause people to dig deeper to discover potential hidden assets.
Track the blockchain
Working with a forensic financial professional, people sometimes track down hidden cryptocurrencies. According to Markets Insider, each cryptocurrency transaction gets recorded on a blockchain. Using this public ledger and other investigative techniques, professionals occasionally discover undisclosed digital currency accounts.
If a spouse hides assets in a divorce, it violates the rights of his or her soon-to-be ex. Therefore, as they consider dissolving their marriages, people may consider options such as working with a legal professional to help protect their interests.