If you suspect your spouse is hiding assets in your divorce, your attorney will start the process of verifying that all financial information has been fully disclosed. The process often involves interrogatories, subpoenas, or depositions and combing through tax returns, bank statements and the like looking for hidden assets. Fortunately, these customary forms of discovery often yield good results to uncover assets your spouse may be trying to hide, however, if cryptocurrency is being used the discovery can be more challenging.
Cryptocurrency such as Bitcoin has gained mainstream popularity over the last decade. Cryptocurrency exchanges are decentralized, meaning they have no attachments to banks or governments, and transactions take place over the internet where virtual wallets store bitcoin on computers, smartphones or on the cloud here or in other countries. The anonymity, the absence of a paper trail, and a lack of clear regulations makes cryptocurrency a tempting option for someone trying to hide assets in a divorce so it is important to remain vigilant.
Look for signs that your spouse isn’t being fully honest and keep an eye on assets that may also belong to you. Liquid money is converted to cryptocurrency at some point of course, which leaves behind an initial finger print that may appear as a cash out or transfer from an account subject to division in a divorce. It is in your best interest to stay on top of your shared finances and noting any unusual activity.
If you suspect your spouse is not being on the up and up when it comes to marital assets in your divorce, a savvy divorce lawyer can often see between the lines to ensure that you get your fair share of marital property. If your spouse is caught not fully disclosing assets, they may not only pay the price when it comes to the division of marital property, but they could also face substantial penalties and charges in criminal court for failing to accurately report all their assets.
We work hand-in-hand with financial auditing experts to investigate the total value of your assets to ensure there is a full and fair accounting. If you are considering divorce and have questions regarding Illinois marital property division, spousal support or other concerns, contact the Law Offices of Schlesinger & Strauss LLC for answers at 847-680-4970.