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Serving Central Alabama
Photo of attorneys Nicholas A Jones and Alyssa L Hawkins

Is your spouse using cryptocurrency to hide assets?

When your Alabama marriage comes to an end and you make the decision to divorce, you need to work through asset division and similar matters to separate your life from your former partner’s. It is not unusual for parties navigating divorces to try to hide assets from one another, and increasingly, some are using cryptocurrency, or digital currency, to do so.

According to CNBC, more than 20 million people across the United States currently own cryptocurrency. However, if your spouse is among them, he or she may not be forthcoming about what he or she owns or where it is. In this scenario, you may need an accounting professional to step in and help increase the chances of you getting everything owed to you in your divorce.

Finding cryptocurrency

Unless you are highly skilled in computers, electronic banking and similar technologies, you may struggle to find cryptocurrency your spouse attempted to hide. A forensic accountant may be able to help by analyzing your spouse’s financial records or performing a deep dive into his or her online actions and accounts.

Placing a value on cryptocurrency

Unfortunately, cryptocurrency-related challenges do not always end once you find your spouse’s digital currency. Once you know he or she has some, you must figure out how much value it holds and how to divide it and transfer it between you. The value of digital currency may undergo quite a bit of change from day to day, so you may need to split yours using formulas or percentages, as opposed to lump sums.

While hunting down and evaluating cryptocurrency takes time, digital currency may hold quite a bit of value, making the time you and your team spend hunting for it and otherwise dealing with it time well spent.

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