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Is your spouse using cryptocurrency to hide assets?

On Behalf of | Dec 7, 2021 | Divorce |

A growing number of people across Connecticut and the nation now own digital currency, and it is becoming more of a hot-button issue in modern divorce cases. Cryptocurrency is still relatively new, and this creates complications when it comes to finding it, determining its value and transferring it electronically between parties.

According to CNBC, some people navigating divorce are using cryptocurrency to hide assets. Sometimes, they may do this because they think their spouses may not be aware they own it. Other times, they may do so because they feel as if their spouses are never going to find it.

When your spouse may have a cryptocurrency

Even if you do not know exactly where to look for digital currency, you may be able to recognize some signs your spouse may have. For example, if you notice your spouse suddenly following a more luxurious lifestyle, this could be an indication that he or she holds cryptocurrency. If he or she suddenly makes a large purchase, such as a new car or boat, this may also suggest ownership of digital assets.

How to find a spouse’s cryptocurrency

Finding a spouse’s cryptocurrency might require you to enlist some professional help. A forensic accountant may be able to dive into your spouse’s digital doings and online accounts using techniques you may not be able or may not know how to use. Tax returns and bank statements may also provide clues about whether your spouse has digital assets.

Once you determine that your husband or wife does have cryptocurrency, you need to figure out now only where it is, but how to determine its value and split it between you, if applicable.